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Belling the cat: Eli F. Heckscher on the gold standard as a discipline device

Författare

Summary, in English

Unlike Knut Wicksell, Eli Heckscher did not believe the time had arrived for “managed money” to replace the gold standard after World War I. The war had shown that only a gold standard could bind the central bank to a time-consistent policy with reasonable price stability. Heckscher likened the problem of reinstating the gold standard to “Belling the cat” in Aesop’s fable. When the international gold standard crumbled in the Great Depression, he supported the Swedish price stabilization regime as a temporary system. Heckscher was an early discoverer of the time-consistency problem in monetary policy and hence stressed the importance of the institutional framework of monetary policy.

Publiceringsår

2013

Språk

Engelska

Sidor

39-59

Publikation/Tidskrift/Serie

History of Political Economy

Volym

45

Issue

1

Dokumenttyp

Artikel i tidskrift

Förlag

Duke University Press

Ämne

  • Economics

Nyckelord

  • Heckscher
  • time-consistent policy
  • devaluation
  • deflation
  • gold standard

Status

Published

ISBN/ISSN/Övrigt

  • ISSN: 1527-1919