Hume's specie-flow mechanism and classical monetary theory: An alternative interpretation

• 成果类型: Article
• 署名作者: Cesarano, F
• 署名单位: European Central Bank; Bank of Italy
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(97)00036-6
• 发表日期: 1998
• 页码: 173-186
• 关键词: balance of payments; classical monetary theory; specie-flow mechanism

摘要

Hume's celebrated essay on the international distribution of money has always been criticized for ignoring the law of one price. Contrary to the traditional interpretation, however, Hume actually maintains that law and argues for the stability of long-run equilibrium. Putting money market equilibrium in the foreground, hi's analysis is essentially founded on the same hypothesis as the modern monetary approach, albeit focusing on the supply rather than on the demand side of the money market. (C) 1998 Elsevier Science B.V.