HICKS’S THEORY OF THE SHORT-TERM RATE OF INTEREST AND THORNTON’S AND HAWTREY’S INFLUENCES
| Autor: | Lucy Brillant |
|---|---|
| Přispěvatelé: | Laboratoire d'Economie de Dijon (LEDi), Université de Bourgogne (UB)-Centre National de la Recherche Scientifique (CNRS), Philosophie, Histoire et Analyse des Représentations Économiques (PHARE), Université Paris 1 Panthéon-Sorbonne (UP1), Laboratoire d'Economie de Dijon ( LEDi ), Université de Bourgogne ( UB ) -Centre National de la Recherche Scientifique ( CNRS ), Philosophie, Histoire et Analyse des Représentations Economiques ( PHARE ), UNIVERSITE PARIS 1 PANTHEON-SORBONNE -Centre National de la Recherche Scientifique ( CNRS ) |
| Rok vydání: | 2019 |
| Předmět: |
short-term rate of interest
060106 history of social sciences media_common.quotation_subject Negotiable instrument Convertibility banks JEL: B - History of Economic Thought Methodology and Heterodox Approaches/B.B2 - History of Economic Thought since 1925 History and Philosophy of Science JEL : B - History of Economic Thought Methodology and Heterodox Approaches/B.B2 - History of Economic Thought since 1925 instability of credit 0502 economics and business Economics [ SHS.ECO ] Humanities and Social Sciences/Economies and finances discretionary policies 0601 history and archaeology 050207 economics media_common Money market General Arts and Humanities Keynesian economics 05 social sciences bills 1. No poverty 06 humanities and the arts Inflation rate [SHS.ECO]Humanities and Social Sciences/Economics and Finance convertibility Market liquidity Balance (accounting) Quantity theory of money money Cash 8. Economic growth Demand for money Bills of exchange General Economics Econometrics and Finance |
| Zdroj: | Journal of the History of Economic Thought Journal of the History of Economic Thought, Cambridge University Press, 2019, 41 (3), pp.393-410. ⟨10.1017/S1053837218000482⟩ Journal of the History of Economic Thought, Cambridge University Press, In press |
| ISSN: | 1469-9656 1053-8372 |
| Popis: | International audience; John Richard Hicks offered an endogenous theory of money from the sixties to his last book "A Market Theory of Money" (1989). He develops a theory of credit, and a theory of short-term rates of interest that he had neglected in his previous writings like "Mr Keynes and the Classics" (1937). In this early article, Hicks put the emphasis on the market for cash balance and the motives for the demand for money, while leaving aside the money market and the clearing functions of banks. In the sixties, Hicks was largely inspired by Henry Thornton (1802) and Ralph George Hawtrey (1913, 1919). The originality of this paper is that we interpret the short-term rates as the price of liquidity. This enables to interpret Hicks’s analysis of the floor of the short-term rates of interest, and to shed light on his vision of the role of the central bank. Hicks’s interest in Thornton’s and Hawtrey’s theories grew in the sixties, when Milton Friedman was advocating a monetary rule (1965). Hicks thought that Thornton’s monetary ideas could “help out the field” (Hicks, 1967). |
| Databáze: | OpenAIRE |
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