Hicks on monetary theory and history: money as endogenous money |
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Authors: | Fontana Giuseppe |
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Affiliation: | Address for correspondence: Giuseppe Fontana, Economics Leeds University Business School, University of Leeds, Leeds LS2 9JT, UK; email: gf{at}lubs.leeds.ac.uk |
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Abstract: | Hicks was never tired of saying that monetary theory is in history.What he meant was that monetary theory is intrinsically relatedto real events, and more importantly that monetary issues needto be analysed in a dynamic sequential context in which timeplays an essential part. He went on developing a particularsequential analysis: the study of what happens within a singleperiod (single-period theory) and the study ofthe linkages between a succession of those periods (continuationtheory). It is suggested that this distinction providesa useful lesson for modern endogenous money theorists. |
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Keywords: | Hicks Single-period theory Continuation theory Endogenous money |
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