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)
Third Quarter 2013 Characterizing the Unusual Path of U.S. Output During and After the Great Recession Jonathon Lecznar
Robert Sharp
Pierre-Daniel G. Sarte
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.

No Economic Review under this category.

Paper Title Author(s)
February 2014
Indeterminacy and Learning: An Analysis of Monetary Policy in the Great Inflation Thomas A. Lubik
Christian Matthes
November 2013
The Credibility of Exchange Rate Pegs and Bank Distress in Historical Perspective: Lessons from the National Banking Era Scott Fulford
Felipe Schwartzman
August 2012
Large Excess Reserves in the U.S.: A View from the Cross-Section of Banks Huberto M. Ennis
Alexander L. Wolman
December 2004
Alfred Marshall and the Quantity Theory of Money Thomas M. Humphrey
November 2003
Classical Deflation Theory Thomas M. Humphrey
September 2003
Shortages of Small Change in Early Argentina Huberto M. Ennis
July 2003
James Pennington, (1777-1862): Classical Banking, Monetary, and Trade Theorist and Economic Policy Advisor Thomas M. Humphrey
August 2001
The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37 Jonas D.M. Fisher
Andreas Hornstein
August 2000
Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s Thomas M. Humphrey
September 1990
Wicksell's Monetary Framework and Dynamic Stability Thomas M. Humphrey
July 1986
Interest Rate Smoothing and Price Level Trend-Stationarity Marvin Goodfriend
August 1987
Velocity and the Variability of Money Growth: Evidence from Granger-Causality Tests Reevaluated Yash P. Mehra
June 1984
The Lender of Last Resort: A Historical Perspective Thomas M. Humphrey
Robert E. Keleher
May 1984
Monetary Policy in the Early 1980's Robert L. Hetzel
January 1983
A Historical Assessment of the Rationales and Functions of Reserve Requirements Marvin Goodfriend
Monica Hargraves
January 1978
Federal Reserve Policy Strategy and Interest Rate Seasonality Thomas A. Lawler