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Knut Wicksell and Gustav Cassel on the Cumulative Process and the Price-Stabilizing Policy Rule

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  • Humphrey, Thomas M.

Abstract

In economics as in anthropology, old artifacts spur continuing debates. A case in point is Knut Wicksell's 1898 analysis of the cumulative process of price inflation in pure credit, cashless economies. Some economists view Wicksell's model as a milestone in the evolution of quantity-theoretic monetary analysis inasmuch as it constitutes the seminal rigorous explanation of how loan-created stocks of bank money translate interest rate differentials into price level changes. Others, however, dispute this point and instead argue that money plays no role in determining price level changes in Wicksell's model.

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  • Humphrey, Thomas M., 2003. "Knut Wicksell and Gustav Cassel on the Cumulative Process and the Price-Stabilizing Policy Rule," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(2), pages 199-220, June.
    • Handle: RePEc:cup:jhisec:v:25:y:2003:i:02:p:199-220_00
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    1. Laidler, David, 2006. "Woodford and Wicksell on Interest and Prices: The Place of the Pure Credit Economy in the Theory of Monetary Policy," Journal of the History of Economic Thought, Cambridge University Press, vol. 28(2), pages 151-159, June.

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