Our Research Focus

Monetary History

We study the evolution of central banking, the historical development of monetary policy theories, and the implications of both for today's policymakers. Past articles have analyzed the Federal Reserve's previous policy actions and the actions of other central banks around the world.

 
 
Issue Title Author(s)
Winter 2007 The Contributions of Milton Friedman to Economics Robert L. Hetzel
Spring 2006 The Problem of Small Change in Early Argentina Huberto M. Ennis
Fall 2004 Ricardo versus Wicksell on Job Losses and Technological Change Thomas M. Humphrey
Winter 2004 Classical Deflation Theory Thomas M. Humphrey
Summer 2002 Knut Wicksell and Gustav Cassel on the Cumulative Process and the Price-Stabilizing Policy Rule Thomas M. Humphrey
Spring 2002 German Monetary History in the Second Half of the Twentieth Century: From the Deutsche Mark to the Euro Robert L. Hetzel
Winter 2002 German Monetary History in the First Half of the Twentieth Century Robert L. Hetzel
Winter 2001 Introduction to Special Issue Jeffrey M. Lacker
Winter 2001 The Treasury-Fed Accord: A New Narrative Account Robert L. Hetzel
Ralph F. Leach
Winter 2001 After the Accord: Reminiscences on the Birth of the Modern Fed Robert L. Hetzel
Ralph F. Leach
Winter 2001 Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s Thomas M. Humphrey
Spring 2000 Benjamin Strong, the Federal Reserve, and the Limits to Interwar American Nationalism Part I: Intellectual Profile of a Central Banker Part II: Strong and the Federal Reserve System in the 1920s Priscilla Roberts
Spring 1999 Mercantilists and Classicals: Insights from Doctrinal History Thomas M. Humphrey
Summer 1998 Historical Origins of the Cost-Push Fallacy Thomas M. Humphrey
Fall 1997 Fisher and Wicksell on the Quantity Theory Thomas M. Humphrey
Spring 1997 John Maynard Keynes Milton Friedman
Winter 1997 Algebraic Production Functions and Their Uses Before Cobb-Douglas Thomas M. Humphrey
Spring 1996 Sterilized Foreign Exchange Intervention: The Fed Debate in the 1960s Robert L. Hetzel
Winter 1996 The Early History of the Box Diagram Thomas M. Humphrey
Spring 1995 When Geometry Emerged: Some Neglected Early Contributions to Offer-Curve Analysis Thomas M. Humphrey
Summer 1994 John Wheatley's Theory of International Monetary Adjustment Thomas M. Humphrey
Fall 1993 The Origins of Velocity Functions Thomas M. Humphrey
Summer 1993 Economic Quarterly: Irving Fisher and His Compensated Dollar Plan Don Patinkin
Spring 1993 Central Banking: Then and Now J. Alfred Broaddus, Jr.
Issue Title Author(s)
1992 Marshallian Cross Diagrams and Their Uses before Alfred Marshall: The Origins of Supply and Demand Geometry Thomas M. Humphrey
1991 Nonneutrality of Money in Classical Monetary Thought Thomas M. Humphrey
1991 A Reserve Bank for Richmond James Parthemos
1990 Ricardo Versus Thornton on the Appropriate Monetary Response to Supply Shocks Thomas M. Humphrey
1990 Interest Rate Expectations and the Slope of the Money Market Yield Curve Timothy Q. Cook
Thomas K. Hahn
1990 The EMU: Forerunners and Durability Robert F. Graboyes
1990 The Federal Reserve Bank of Richmond: Governor Seay and the Issues of the Early Years James Parthemos
1990 The Lender of Last Resort: Alternative Views and Historical Experience Michael D. Bordo
1989 Precursors of the P-Star Model Thomas M. Humphrey
1989 Lender of Last Resort: The Concept in History Thomas M. Humphrey
1989 An Examination of International Trade Data in the 1980s Michael Dotsey
1988 Rival Notions of Money Thomas M. Humphrey
1988 The Monetary Responsibilities of a Central Bank Robert L. Hetzel
1988 The Federal Reserve Act of 1913 in the Stream of U.S. Monetary History James Parthemos
1988 The Trade Theorist's Sacred Diagram: Its Origin and Early Development Thomas M. Humphrey
1987 The Irrelevance of Tests for Bias in Series of Macroeconomic Forecasts Roy H. Webb
1987 Money Growth Volatility and High Nominal Interest Rates Yash P. Mehra
1987 Henry Thornton: Seminal Monetary Theorist and Father of the Modern Central Bank Robert L. Hetzel
1987 Classical and Neoclassical Roots of The Theory of Optimum Tariffs Thomas M. Humphrey
1987 The Theory of Multiple Expansion of Deposits: Why it is and Whence it Came Thomas M. Humphrey
1986 Recent Financial Deregulation and the Interest Elasticity of M1 Demand Yash P. Mehra
1986 The National Income and Product Accounts Roy H. Webb
1986 Cumulative Process Models from Thornton to Wicksell Thomas M. Humphrey
1986 An Analysis of Federal Reserve Pricing Anatoli Kuprianov
1986 Monetary Policy in the Early 1980s Robert L. Hetzel
1986 A Weekly Rational Expectations Model of the Nonborrowed Reserve Operating Procedure Marvin Goodfriend
1985 The Rules versus Discretion Debate over Monetary Policy in the 1920s Robert L. Hetzel
1985 The Early History of the Phillips Curve Thomas M. Humphrey
1985 The Evolution and Policy Implications of Phillips Curve Analysis Thomas M. Humphrey
1984 A Monetarist Money Demand Function Robert L. Hetzel
1984 The Behavior of the M1 Demand Function in the Early 1980s Robert L. Hetzel
1984 Algebraic Quantity Equations before Fisher and Pigou Thomas M. Humphrey
1984 On Nonneutral Relative Price Effects in Monetarist Thought: Some Austrian Misconceptions Thomas M. Humphrey
1983 Empirical Comparisons of Credit and Monetary Aggregates Using Vector Autoregressive Methods Edward K. Offenbacher
Richard D. Porter
1983 Response to Friedman Edward K. Offenbacher
Richard D. Porter
1983 Can the Central Bank Peg Real Interest Rates? A Survey of Classical and Neoclassical Opinion Thomas M. Humphrey
1983 The Early History of the Real/Nominal Interest Rate Relationship Thomas M. Humphrey
1983 The Relationship between Money and Expenditure in 1982 Robert L. Hetzel
1983 A Historical Assessment of the Rationales and Functions of Reserve Requirements Marvin Goodfriend
Monica Hargraves
1982 Macroeconomics after a Decade of Rational Expectations: Some Critical Issues Bennett T. McCallum
1982 Of Hume, Thornton, the Quantity Theory, and the Phillips Curve Thomas M. Humphrey
1982 The Real Bills Doctrine Thomas M. Humphrey
1982 The October 1979 Regime of Monetary Control and the Behavior of the Money Supply in 1980 Robert L. Hetzel
1982 Interest Rates and Federal Deficits Roy H. Webb
1982 Money, the Monetary Base, and Nominal GNP William E. Cullison
1982 Determinants of Individual Tax-Exempt Bond Yields: A Survey of the Evidence Timothy Q. Cook
1982 A Model of Money Stock Determination with Loan Demand and a Banking System Balance Sheet Constraint Marvin Goodfriend
1981 Adam Smith and the Monetary Approach to the Balance of Payments Thomas M. Humphrey
1981 The Market for Federal Funds Seth P. Maerowitz
1981 Keynes on Inflation Thomas M. Humphrey
1981 Explaining Exchange Rate Behavior: An Augmented Version of the Monetary Approach Thomas M. Humphrey
1981 The Quantity Theory Tradition and the Role of Monetary Policy Robert L. Hetzel
1980 Redlining: Taxing Capital Gains Roy H. Webb
1980 Eliminating Runaway Inflation: Lessons from the German Hyperinflation Thomas M. Humphrey
1980 Trends in Federal Taxation Since 1950 William E. Cullison
1980 Dennis H. Robertson and the Monetary Approach to Exchange Rates Thomas M. Humphrey
1980 The Economics of Gold Price Movements Peter A. Abken
1980 Bullionists' Exchange Rate Doctrines and Current Policy Debates Thomas M. Humphrey
1979 Exchange Rate Policy and the Dual Role of Exchange Rate Movements in International Adjustment Marvin Goodfriend
1979 The Purchasing Power Parity Doctrine Thomas M. Humphrey
1979 Wage-Price Restraint and Macroeconomic Disequilibrium Roy H. Webb
1979 The Interest Cost-Push Controversy Thomas M. Humphrey
1979 A Summary of the International Banking Act of 1978 John P. Segala
1978 Correspondent Services, Federal Reserve Services, and Bank Cash Management Policy Bruce J. Summers
1978 The Monetary Approach to Exchange Rates: Its Historical Evolution and Role in Policy Debates Thomas M. Humphrey
1978 Some Recent Developments in Phillips Curve Analysis Thomas M. Humphrey
1977 A Primer on the Importance of the Money Supply Robert L. Hetzel
1977 Two Views of Monetary Policy: The Attwood-Mill Debate Revisited Thomas M. Humphrey
1977 On Cost-Push Theories of Inflation in the Pre-War Monetary Literature Thomas M. Humphrey
1977 Factors Determining Exchange Rates: A Simple Model and Empirical Tests Thomas M. Humphrey
Thomas A. Lawler
1977 Changing Yield Spreads in the U. S. Government Bond Market Timothy Q. Cook
1977 A Monetarist Model of Exchange Rate Determination Thomas M. Humphrey
1976 A Monetarist Model of World Inflation and the Balance of Payments Thomas M. Humphrey
1975 Aggregating the Monetary Aggregates: Concepts and Issues J. Alfred Broaddus, Jr.
1974 The Concept of Indexation in the History of Economic Thought Thomas M. Humphrey
1974 The Quantity Theory of Money: Its Historical Evolution and Role in Policy Debates Thomas M. Humphrey
Paper Title Author(s)
14-02
February 2014
Indeterminacy and Learning: An Analysis of Monetary Policy in the Great Inflation Thomas A. Lubik
Christian Matthes
13-18
November 2013
The Credibility of Exchange Rate Pegs and Bank Distress in Historical Perspective: Lessons from the National Banking Era Scott Fulford
Felipe Schwartzman
12-05
August 2012
Large Excess Reserves in the U.S.: A View from the Cross-Section of Banks Huberto M. Ennis
Alexander L. Wolman
04-10
December 2004
Alfred Marshall and the Quantity Theory of Money Thomas M. Humphrey
03-13
November 2003
Classical Deflation Theory Thomas M. Humphrey
03-12
September 2003
Shortages of Small Change in Early Argentina Huberto M. Ennis
03-8
July 2003
James Pennington, (1777-1862): Classical Banking, Monetary, and Trade Theorist and Economic Policy Advisor Thomas M. Humphrey
01-7
August 2001
The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37 Jonas D.M. Fisher
Andreas Hornstein
00-7
August 2000
Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s Thomas M. Humphrey
90-7
September 1990
Wicksell's Monetary Framework and Dynamic Stability Thomas M. Humphrey
87-3
July 1986
Interest Rate Smoothing and Price Level Trend-Stationarity Marvin Goodfriend
87-2
August 1987
Velocity and the Variability of Money Growth: Evidence from Granger-Causality Tests Reevaluated Yash P. Mehra
84-3
June 1984
The Lender of Last Resort: A Historical Perspective Thomas M. Humphrey
Robert E. Keleher
84-1
May 1984
Monetary Policy in the Early 1980's Robert L. Hetzel
83-1
January 1983
A Historical Assessment of the Rationales and Functions of Reserve Requirements Marvin Goodfriend
Monica Hargraves
78-1
January 1978
Federal Reserve Policy Strategy and Interest Rate Seasonality Thomas A. Lawler