Rev Austrian Econ (2017) 30:251–254 DOI 10.1007/s11138-015-0332-x Robert L. Hetzel (ed): The great recession: Market failure or policy failure? New York: Cambridge University Press, 2014. xiv + 384 Pages. $32.99 (paperback) Joshua Hendrickson Published online: 2 October 2015 Springer Science+Business Media New York 2015 Throughout the history of economic thought, the quantity theory has often been challenged. When the convertibility of Bank of England notes was suspended in 1797, a number of public figures, financiers, and economists expressed concern that an excess supply of bank notes would result (and was resulting) in the depreciation of the currency. Their intellectual opponents, the Anti-Bullionists, challenged this view and introduced the earliest example of the real bills doctrine. During the Great Depression, quantity theoretic arguments for the decline in prices and economic activity were dismissed by Federal Reserve policymakers with arguments again based on the real bills doctrine. During the 1960s and 1970s, the quantity theory was once again challenged. This time by Keynesians armed with the Phillips Curve. Finally, the recent dominance of the New Keynesian brand of monetary policy analysis has abandoned money entirely, arguing that the inflation rate can be pinned down by an interest rate rule that follows
The Review of Austrian Economics – Springer Journals
Published: Oct 2, 2015
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