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The Forerunners of "New Monetary Economics" Proposals to Stabilize the Unit of Account

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  • Sumner, Scott B

Abstract

This paper critically evaluates the monetary policy regimes proposed by Arthur Kitson (1917) and Henry Meulen (1934). Contrary to the assertion of Tyler Cowen and Randall Kroszner (1987), the unit of account envisioned by these earlier theorists was not at all like recent proposals by proponents of the "new monetary economics." It is also demonstrated that the "compensated dollar" plans of Aneurin Williams (1892) and Irving Fisher (1920) are closer forerunners to the recent new monetary economics proposals. Copyright 1990 by Ohio State University Press.

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  • Sumner, Scott B, 1990. "The Forerunners of "New Monetary Economics" Proposals to Stabilize the Unit of Account," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(1), pages 109-118, February.
    • Handle: RePEc:mcb:jmoncb:v:22:y:1990:i:1:p:109-18
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    Cited by:

    1. Richard C.K. Burdekin & Kris James Mitchener & Marc D. Weidenmier, 2012. "Irving Fisher and Price-Level Targeting in Austria: Was Silver the Answer?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(4), pages 733-750, June.
    2. W. William Woolsey, 1994. "Stabilizing The Expected Price Level In A Bfh Payments System," Contemporary Economic Policy, Western Economic Association International, vol. 12(2), pages 46-54, April.
    3. W. William Woolsey, 1992. "The Search for Macroeconomic Stability: Comment on Sumner," Cato Journal, Cato Journal, Cato Institute, vol. 12(2), pages 475-485, Fall.
    4. repec:dau:papers:123456789/11496 is not listed on IDEAS

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