Credit Cycles and Monetary Policy: John Rogers Commons as a “Monetarist”
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TexteLangue : français Détails de publication : 2013.
Sujet(s) : Ressources en ligne : Abrégé : Commons sketches an institutionalist theory of property based on debt, as a potential for anticipated income, and the vector of which is the monetary system. His monetary theory of the credit cycle is inspired by Wicksell and Fisher’s debt-deflation theory, rather than by Fisher’s quantity theory. According to Commons, the central bank is the key institution. Its role is to lead an active policy that controls the quantity of money, based on the management of interest rates. Commons may be considered a “monetarist” who rejects both the gold standard rule and the real bills doctrine.
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Commons sketches an institutionalist theory of property based on debt, as a potential for anticipated income, and the vector of which is the monetary system. His monetary theory of the credit cycle is inspired by Wicksell and Fisher’s debt-deflation theory, rather than by Fisher’s quantity theory. According to Commons, the central bank is the key institution. Its role is to lead an active policy that controls the quantity of money, based on the management of interest rates. Commons may be considered a “monetarist” who rejects both the gold standard rule and the real bills doctrine.
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