[embedded content]Here our other conversation with LP Rochon, about the chapter on Classical or Surplus approach authors. My co-author, Suranjana Nabar-Bhaduri and I talk about the Real Bills Doctrine, Bullionism, Say's Law the implications for theories of crisis. And about several authors, Smith, Ricardo, Tooke and more.
Read More »Latin American corner: Neo Fisherism, New Keynesianism and monetary policy in Latin America (II)
By Naked Keynes (Anonymous Guest Blogger)The positive relationship between nominal interest rates and inflation is not a new stylized fact in economic theory. In the 19th Century Thomas Tooke (1774-1858) considered it a general rule illustrated by the data presented in his History of Prices and the State of Circulation, 1792-1856 (published over the period 1838-1857). Tooke rationalized the positive relationship between inflation and interest rates by postulating that the interest rate...
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