The Quantity-Theory of Money

Laughlin, J. Laurence

doi:10.1086/253596

Cited by 9 publications

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“…22 See Laughlin (1924) and Mehrling (2002). Bernanke (2006) Currie had worked for Marriner Eccles at the U.S. Treasury during the period in which Eccles was insisting on centralizing power in the Board before he would consider taking the job as chairman.…”

Section: The Beginning Of Fed Officials' Concern With Monetary Aggregmentioning

confidence: 99%

The Federal Reserve's Abandonment of its 1923 Principles

Rotemberg

2014

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This paper studies the persistence and some of the consequences of the eventual abandonment by the FOMC of the principles embedded in the Federal Reserve's Tenth Annual Report of 1923. The three principles I focus on are 1) the discouraging of speculative lending by commercial banks, 2) the desire to meet the credit needs of business and 3) the preference of a focus on credit over a focus on monetary aggregates. I show that the first two principles remained important in FOMC deliberations until the mid-1960's. After this, the FOMC also spent less time discussing the composition of bank loans. Abstract: This paper studies the persistence and some of the consequences of the eventual abandonment by the FOMC of the principles embedded in the Federal Reserve's Tenth Annual Report of 1923. The three principles I focus on are 1) the discouraging of speculative lending by commercial banks, 2) the desire to meet the credit needs of business and 3) the preference of a focus on credit over a focus on monetary aggregates. I show that the first two principles remained important in FOMC deliberations until the mid-1960's. After this, the FOMC also spent less time discussing the composition of bank loans.One of the most dramatic reversals in Federal Reserve policymaking involves the targeting of

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Section: The Beginning Of Fed Officials' Concern With Monetary Aggregmentioning

confidence: 99%

The Federal Reserve's Abandonment of its 1923 Principles

Rotemberg

2014

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“…The debatability of whether it is desirable as a measure of the desire for money remains uncertain. If alterations in the proportion of intermediate and capital transactions relative to income have an impact on the demand for money, then the transactions approach seems to be more favourable as it considers these elements, but the income approach does not, and therefore, the evaluation of the transactions and revenue approach is largely subjective (Allais, 1966;Laughlin, 1924).…”

Section: Literature Reviewmentioning

confidence: 99%

Mobile Money Use, Digital Banking Services and Velocity of Money in Ghana

Ocansey,

Dadzie,

Nambie

2024

IJEFI

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Investigating the correlation between digital financial services, mobile money usage, and money velocity in Ghana, the study analysed time series data spanning from 1992 to 2022. A composite index was constructed by principal component analysis using data extracted from the world development indicators, with the components mobile money usage, digital financial services, and velocity of money. The estimation utilised an impulse response function and vector error correction model; the results indicated that mobile money, digital financial services, and money velocity are related in both the short and long term. Furthermore, the application of a standard deviation innovation to the velocity of money produced increases of both positive and negative magnitude for all the variables. This suggests that mobile money, digital banking services, and velocity of money in Ghana are interdependent in an asymmetric manner. In order to facilitate an increase in the velocity of money, the research concluded that policymakers should guarantee that a greater proportion of the population has access to mobile money and digital banking services. In addition to promoting mobile money, online banking services, and digital payment methods on purpose, the government should reduce reliance on physical currency and expedite the circulation of money. It is recommended that future longitudinal studies involving African nations employ diverse estimation techniques.

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James Laurence Laughlin (1850–1933)

McCann¹,

Kapuria-Foreman

2022

The Palgrave Companion to Chicago Economics

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The Quantity-Theory of Money

Cited by 9 publications

References 0 publications

The Federal Reserve's Abandonment of its 1923 Principles

The Federal Reserve's Abandonment of its 1923 Principles

Mobile Money Use, Digital Banking Services and Velocity of Money in Ghana

James Laurence Laughlin (1850–1933)

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