Was the monetarist tradition invented?

Article Abstract:

Milton Friedman stated in his 1956 essay on the quantity theory of money that his monetary framework could be traced back to a 1930s and 1940s oral quantity theory tradition at the University of Chicago, IL, that was very different from other versions of the quantity theory at that time. Some observers claim that the Chicago oral tradition was an invention, but it is possible to argue that there was indeed a unique Chicago oral tradition in the early 1930s. This made is possible for the University of Chicago to stand firm against the views of John Maynard Keynes.

History, Influence, Economics, Friedman, Milton

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Nonmarket institutions for credit and risk sharing in low-income countries

Article Abstract:

Nonmarket institutions describes the patterns of credit and risk institutions in low-income countries. This enables testing of such theories as contracting with incomplete information and restricted enforcement. A survey of research shows both deductive and inductive approaches are used. An important feature of development economics is that despite many of its researchers being theorists, the work is applied to reality. A theory of institution formation and adaptation would make further progress.

Risk management, Developing countries

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Monetary, credit and (other) transmission processes: a monetarist perspective

Article Abstract:

Analyses of economic fluctuations have been divided into impulses and propagation processes in early economic history. Recent writers have replaced impulses with 'shock' and propagation with 'transmission.' The transmission of monetary impulses is the subject of the symposium. The monetarist's view is presented and is compared to the standard model under a closed economy.

Analysis, Monetary policy

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