George S Tavlas
Biographic Data
| ID | 697762 |
|---|---|
| NAME | George S Tavlas |
| GIVEN NAMES | George S |
| FAMILY NAME | Tavlas |
| SIGNATURE | TAVLAS G S |
| AFFILIATIONS | ATEbank (Greece) |
| ORCID | 0000-0002-9046-1956 |
| VERIFIED | Yes |
| TOTAL WORKS | 23 |
| TOTAL CITATIONS | 36 |
| AUTHOR COUNT | 23 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1977 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 3 |
“The Quartet” and Reform of the Exchange Rate System, 1945–73: A Reconstitution
During the heyday of the Bretton Woods years, William Fellner, Gottfried Haberler, Fritz Machlup, and Robert Triffin were known as “the Quartet,” in recognition of their contributions on international monetary reform. Three of the Quartet members, Haberler, Machlup, and Fellner, have been credited as having been part of a small, select group of economists who foresaw the desirability of, and paved the way to, freely flexible exchange rates, the r…
Carl Snyder, the Real Bills Doctrine, and the New York Fed in the Great Depression
Carl Snyder was one of the most prominent US monetary economists of the 1920s and 1930s. His pioneering work on constructing the empirical counterparts of the terms in the equation of exchange led him to formulate a 4% monetary growth rule. Snyder is especially apposite because he was on the staff of the New York Federal Reserve Bank. Why, despite his pioneering empirical work and his position as an insider, did Snyder fail to effectively challen…
The Debate About the Resilience of the Bretton Woods System: Kindleberger, Nurkse, and Friedman
Charles Kindleberger has recently been singled out as having envisioned the present international monetary system in which the US dollar is the dominant global currency and the Federal Reserve plays the role of global lender of last resort, providing dollar liquidity to other central banks through swap transactions during crises. I show how Kindleberger's views on exchange rate systems were influenced by those put forward by Ragnar Nurkse in the …
The Long and Unfinished Road to Friedman and Meiselman’s “The Relative Stability of Monetary Velocity and the Investment Multiplier”
Milton Friedman and David Meiselman’s 1963 article, “The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897–1958,” was one of the most influential studies to come out of the Keynesian-monetarist debates of the 1960s and 1970s. The gestation of the article, however, is shrouded with considerable inaccuracy and ambiguity. I use archival materials to provide a more accurate chronological ordering of the …
Milton Friedman and the Road to Monetarism: A Review Essay
Milton Friedman was the most influential economist in policy circles since John Maynard Keynes. Friedman almost single-handedly resuscitated the importance of monetary policy to academic and policy thinking while leaving his mark in such areas as the natural rate of unemployment and the long-run Phillips curve, the choice of exchange rate regimes, the destabilizing effects of discretionary policies, the benefits of monetary policy rules, the dete…
“The Initiated”: Aaron Director and the Chicago Monetary Tradition
Aaron Director taught at the University of Chicago from 1930 to 1934 and from 1946 to 1965. Both periods corresponded to crucial stages in the development of Chicago monetary economics under the leaderships of Henry Simons and Milton Friedman, respectively. Any impact that Director may have had in the development of those stages and on the relationship between the views of Simons and Friedman has been frustrated by Director’s lack of publications…
Retrospectives: On the Evolution of the Rules versus Discretion Debate in Monetary Policy
Episodes of macroeconomic upheaval associated with monetary policy failure have provided the stage for important debates on rules versus discretion. We discuss the main features, results, commonalities, and differences in the debates that emerged after three such episodes. The modern debate was born during the Great Inflation of the 1970s and focused on both rules versus discretion and the properties of alternative rules. The middle debate origin…
Jacob Viner, Milton Friedman, and the Chicago Monetary Tradition: A Reconsideration
Milton Friedman claimed that Jacob Viner's views in the early 1930s on (a) the monetary origins of the Great Depression and (b) the need of expansionary open-market operations established a linkage between the 1930s Chicago monetary tradition and Friedman's monetarist economics. I show that Viner's views on those issues and on such issues as the retention of the gold standard, money-financed versus bond-financed deficits, 100 percent reserves, th…
A Reconsideration of the Doctrinal Foundations of Monetary Policy Rules: Fisher Versus Chicago
There has long been a presumption that the price-level stabilization frameworks of Irving Fisher and Chicagoans Henry Simons and Lloyd Mints were essentially equivalent. I show that there were subtle, but important, differences in the rationales underlying the policies of Fisher and the Chicagoans. Fisher’s framework involved substantial discretion in the setting of the policy instruments; for the Chicagoans the objective of a policy rule was to …
The Dog That Did Not Bark
Evidence about Lloyd Mints's role in the development of monetary economics at the University of Chicago has proven elusive, with the result that Mints has long been considered a peripheral figure at Chicago. We provide evidence showing that the standard assessment of Mints's standing in Chicago monetary economics-and in American monetary economics more broadly-is deficient. In light of (1) the originality and the breadth of his monetary contribut…
Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922–1938 by Thomas M. Humphrey and Richard H. Timberlake
Book Review| February 01 2021 Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922–1938 by Thomas M. Humphrey and Richard H. Timberlake Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922–1938. By Humphrey, Thomas M.; Timberlake, Richard H.. Washington, DC: Cato Institute, 2019. xix; 201 pp. $14.95. George S. Tavlas George S. Tavlas Bank of Greece Search for other works by this author on: This …
The Group
During the early 1930s University of Chicago economists developed a comprehensive set of policy proposals that presaged those proposed by Fed economists and academics in the aftermath of the 2007–8 financial crisis. Using the quantity-theory framework to analyze the business cycle, the Chicagoans advocated the use of the federal government's fiscal operations to conduct monetary policy—entailing an expansion of the size of the Fed's balance sheet…
Government Size and Macroeconomic Volatility
We examine the implications of government size for macroeconomic volatility in a standard New‐Keynesian model with multiple shocks. Larger government size mitigates volatility arising from technology, preference, mark‐up and monetary policy shocks, but amplifies that emanating from expenditure shocks. The degree of mitigation‐amplification varies with the size of government, which opens up the possibility of a non‐monotone relationship between vo…
What If the Leader of the Central Bank Told Hilarious Jokes and Did Card Tricks? A Panel of Experts
A panel of distinguished experts discuss the linkages (if any) between monetary policy and the personality of the nation's central banker. Why is the personality of a central banker important to monetary stability and financial leadership? What follows is a written edited version of the short papers that were presented at this panel. The panel was held in Olin Auditorium on Tuesday, April 25, 2006, as part of the Carpenter Lecture Series at Babso…
Wage Rigidity and Monetary Union
We compare monetary union to flexible exchange rates in an asymmetric, three-country model with active monetary policy. We find that countries with a high degree of nominal wage rigidity benefit from monetary union, especially when they join other, similarly rigid countries. Countries with relatively more flexible wages tend to be worse off in unions with countries that have more rigid wages. We examine France, Germany and the UK and find that th…
The Collapse of Exchange Rate Pegs
All pegged exchange rate arrangements are subject to predicaments that cast doubt on the ability of the policy makers to maintain the peg. This article organizes the literature dealing with the fragility of exchange rate nominal-anchor regimes around six fundamental and interrelated problems that can undermine the ability of policy makers to maintain their commitment to an exchange rate peg. It describes the regime-specific characteristics of an …
On the Analytics of Wicksell: A Comment on Abiakpor
Three essential concepts of Wicksell's contributions are probed. (1) Wicksell's commingling of a barter economy with a money economy led to a logical pitfall in his cumulative-process paradigm. (2) Wicksell sought to deduce a cumulative process involving price-level movements from an economy without money and, therefore, without a general price level. (3) Wicksell's idealized pure credit system can be logically reconciled with his law of the dema…
Retrospectives: Was the Monetarist Tradition Invented
In 1969, Harry Johnson charged that Milton Friedman 'invented' a Chicago oral quantity theory tradition, the idea being that in order to launch a monetarist counter-revolution, Friedman needed to establish a linkage with pre-Keynesian orthodoxy. This paper shows that there was a distinct pre-Keynesian Chicago quantity-theory tradition that advocated increased government expenditure during the Great Depression in order to put money directly into c…
Chicago, Harvard, and the Doctrinal Foundations of Monetary Economics
The relationship between Milton Friedman's monetary economics and the views espoused by Chicago and non-Chicago quantity theorists in 1930-36 is examined. Contrary to recent interpretations, Chicago economists advanced the efficacy of monetary policy as the means of escaping from the Great Depression if such a policy was implemented with budget deficits to generate monetary expansion. The use of the quantity theory of money to provide a theoretic…
Exchange Rate Variability and Direct Investment
This article investigates the relationship between exchange rate variability and direct investment. We distinguish between two kinds of exchange rate variations: short-term volatility and longer-term misalignment. Theoretical considerations indicate that the influences of both kinds of exchange rate variations on direct investment are ambiguous. We then review the empirical literature on this issue, which supports the theoretical findings. We con…
Keynes's impact on monetary economics
Other| November 01 1985 Keynes's impact on monetary economics J. C. Gilbert. London: Butter-worths, 1982. Pp. 280. $45.00. George S. Tavlas George S. Tavlas Search for other works by this author on: This Site Google History of Political Economy (1985) 17 (4): 677–680. https://doi.org/10.1215/00182702-17-4-677 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation George S. Tavlas; Keynes's impact on mone…
Notes on Garvy, Snyder, and the Doctrinal Foundations of Monetarism
Research Article| March 01 1982 Notes on Garvy, Snyder, and the Doctrinal Foundations of Monetarism George S. Tavlas George S. Tavlas Search for other works by this author on: This Site Google History of Political Economy (1982) 14 (1): 89–100. https://doi.org/10.1215/00182702-14-1-89 Views Icon Views Article contents Figures & tables Video Audio Supplementary Data Peer Review Share Icon Share Facebook Twitter LinkedIn Email Tools Icon Tools Perm…
Some Initial Formulations of the Monetary Growth-Rate Rule
Research Article| November 01 1977 Some Initial Formulations of the Monetary Growth-Rate Rule George S. Tavlas George S. Tavlas Search for other works by this author on: This Site Google History of Political Economy (1977) 9 (4): 535–547. https://doi.org/10.1215/00182702-9-4-535 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation George S. Tavlas; Some Initial Formulations of the Monetary Growth-Rate …
Chicago, Harvard, and the Doctrinal Foundations of Monetary Economics
The relationship between Milton Friedman's monetary economics and the views espoused by Chicago and non-Chicago quantity theorists in 1930-36 is examined. Contrary to recent interpretations, Chicago economists advanced the efficacy of monetary policy as the means of escaping from the Great Depression if such a policy was implemented with budget deficits to generate monetary expansion. The use of the quantity theory of money to provide a theoretic…
Retrospectives: Was the Monetarist Tradition Invented
In 1969, Harry Johnson charged that Milton Friedman 'invented' a Chicago oral quantity theory tradition, the idea being that in order to launch a monetarist counter-revolution, Friedman needed to establish a linkage with pre-Keynesian orthodoxy. This paper shows that there was a distinct pre-Keynesian Chicago quantity-theory tradition that advocated increased government expenditure during the Great Depression in order to put money directly into c…
The Dog That Did Not Bark
Evidence about Lloyd Mints's role in the development of monetary economics at the University of Chicago has proven elusive, with the result that Mints has long been considered a peripheral figure at Chicago. We provide evidence showing that the standard assessment of Mints's standing in Chicago monetary economics-and in American monetary economics more broadly-is deficient. In light of (1) the originality and the breadth of his monetary contribut…
The Group
During the early 1930s University of Chicago economists developed a comprehensive set of policy proposals that presaged those proposed by Fed economists and academics in the aftermath of the 2007–8 financial crisis. Using the quantity-theory framework to analyze the business cycle, the Chicagoans advocated the use of the federal government's fiscal operations to conduct monetary policy—entailing an expansion of the size of the Fed's balance sheet…
The Collapse of Exchange Rate Pegs
All pegged exchange rate arrangements are subject to predicaments that cast doubt on the ability of the policy makers to maintain the peg. This article organizes the literature dealing with the fragility of exchange rate nominal-anchor regimes around six fundamental and interrelated problems that can undermine the ability of policy makers to maintain their commitment to an exchange rate peg. It describes the regime-specific characteristics of an …
Notes on Garvy, Snyder, and the Doctrinal Foundations of Monetarism
Research Article| March 01 1982 Notes on Garvy, Snyder, and the Doctrinal Foundations of Monetarism George S. Tavlas George S. Tavlas Search for other works by this author on: This Site Google History of Political Economy (1982) 14 (1): 89–100. https://doi.org/10.1215/00182702-14-1-89 Views Icon Views Article contents Figures & tables Video Audio Supplementary Data Peer Review Share Icon Share Facebook Twitter LinkedIn Email Tools Icon Tools Perm…
Some Initial Formulations of the Monetary Growth-Rate Rule
Research Article| November 01 1977 Some Initial Formulations of the Monetary Growth-Rate Rule George S. Tavlas George S. Tavlas Search for other works by this author on: This Site Google History of Political Economy (1977) 9 (4): 535–547. https://doi.org/10.1215/00182702-9-4-535 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation George S. Tavlas; Some Initial Formulations of the Monetary Growth-Rate …
Government Size and Macroeconomic Volatility
We examine the implications of government size for macroeconomic volatility in a standard New‐Keynesian model with multiple shocks. Larger government size mitigates volatility arising from technology, preference, mark‐up and monetary policy shocks, but amplifies that emanating from expenditure shocks. The degree of mitigation‐amplification varies with the size of government, which opens up the possibility of a non‐monotone relationship between vo…
What If the Leader of the Central Bank Told Hilarious Jokes and Did Card Tricks? A Panel of Experts
A panel of distinguished experts discuss the linkages (if any) between monetary policy and the personality of the nation's central banker. Why is the personality of a central banker important to monetary stability and financial leadership? What follows is a written edited version of the short papers that were presented at this panel. The panel was held in Olin Auditorium on Tuesday, April 25, 2006, as part of the Carpenter Lecture Series at Babso…
Wage Rigidity and Monetary Union
We compare monetary union to flexible exchange rates in an asymmetric, three-country model with active monetary policy. We find that countries with a high degree of nominal wage rigidity benefit from monetary union, especially when they join other, similarly rigid countries. Countries with relatively more flexible wages tend to be worse off in unions with countries that have more rigid wages. We examine France, Germany and the UK and find that th…
Exchange Rate Variability and Direct Investment
This article investigates the relationship between exchange rate variability and direct investment. We distinguish between two kinds of exchange rate variations: short-term volatility and longer-term misalignment. Theoretical considerations indicate that the influences of both kinds of exchange rate variations on direct investment are ambiguous. We then review the empirical literature on this issue, which supports the theoretical findings. We con…
Some Initial Formulations of the Monetary Growth-Rate Rule
Research Article| November 01 1977 Some Initial Formulations of the Monetary Growth-Rate Rule George S. Tavlas George S. Tavlas Search for other works by this author on: This Site Google History of Political Economy (1977) 9 (4): 535–547. https://doi.org/10.1215/00182702-9-4-535 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation George S. Tavlas; Some Initial Formulations of the Monetary Growth-Rate …
Notes on Garvy, Snyder, and the Doctrinal Foundations of Monetarism
Research Article| March 01 1982 Notes on Garvy, Snyder, and the Doctrinal Foundations of Monetarism George S. Tavlas George S. Tavlas Search for other works by this author on: This Site Google History of Political Economy (1982) 14 (1): 89–100. https://doi.org/10.1215/00182702-14-1-89 Views Icon Views Article contents Figures & tables Video Audio Supplementary Data Peer Review Share Icon Share Facebook Twitter LinkedIn Email Tools Icon Tools Perm…
Keynes's impact on monetary economics
Other| November 01 1985 Keynes's impact on monetary economics J. C. Gilbert. London: Butter-worths, 1982. Pp. 280. $45.00. George S. Tavlas George S. Tavlas Search for other works by this author on: This Site Google History of Political Economy (1985) 17 (4): 677–680. https://doi.org/10.1215/00182702-17-4-677 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation George S. Tavlas; Keynes's impact on mone…
Exchange Rate Variability and Direct Investment
This article investigates the relationship between exchange rate variability and direct investment. We distinguish between two kinds of exchange rate variations: short-term volatility and longer-term misalignment. Theoretical considerations indicate that the influences of both kinds of exchange rate variations on direct investment are ambiguous. We then review the empirical literature on this issue, which supports the theoretical findings. We con…
Chicago, Harvard, and the Doctrinal Foundations of Monetary Economics
The relationship between Milton Friedman's monetary economics and the views espoused by Chicago and non-Chicago quantity theorists in 1930-36 is examined. Contrary to recent interpretations, Chicago economists advanced the efficacy of monetary policy as the means of escaping from the Great Depression if such a policy was implemented with budget deficits to generate monetary expansion. The use of the quantity theory of money to provide a theoretic…
Retrospectives: Was the Monetarist Tradition Invented
In 1969, Harry Johnson charged that Milton Friedman 'invented' a Chicago oral quantity theory tradition, the idea being that in order to launch a monetarist counter-revolution, Friedman needed to establish a linkage with pre-Keynesian orthodoxy. This paper shows that there was a distinct pre-Keynesian Chicago quantity-theory tradition that advocated increased government expenditure during the Great Depression in order to put money directly into c…
On the Analytics of Wicksell: A Comment on Abiakpor
Three essential concepts of Wicksell's contributions are probed. (1) Wicksell's commingling of a barter economy with a money economy led to a logical pitfall in his cumulative-process paradigm. (2) Wicksell sought to deduce a cumulative process involving price-level movements from an economy without money and, therefore, without a general price level. (3) Wicksell's idealized pure credit system can be logically reconciled with his law of the dema…
The Collapse of Exchange Rate Pegs
All pegged exchange rate arrangements are subject to predicaments that cast doubt on the ability of the policy makers to maintain the peg. This article organizes the literature dealing with the fragility of exchange rate nominal-anchor regimes around six fundamental and interrelated problems that can undermine the ability of policy makers to maintain their commitment to an exchange rate peg. It describes the regime-specific characteristics of an …
Wage Rigidity and Monetary Union
We compare monetary union to flexible exchange rates in an asymmetric, three-country model with active monetary policy. We find that countries with a high degree of nominal wage rigidity benefit from monetary union, especially when they join other, similarly rigid countries. Countries with relatively more flexible wages tend to be worse off in unions with countries that have more rigid wages. We examine France, Germany and the UK and find that th…
What If the Leader of the Central Bank Told Hilarious Jokes and Did Card Tricks? A Panel of Experts
A panel of distinguished experts discuss the linkages (if any) between monetary policy and the personality of the nation's central banker. Why is the personality of a central banker important to monetary stability and financial leadership? What follows is a written edited version of the short papers that were presented at this panel. The panel was held in Olin Auditorium on Tuesday, April 25, 2006, as part of the Carpenter Lecture Series at Babso…
Government Size and Macroeconomic Volatility
We examine the implications of government size for macroeconomic volatility in a standard New‐Keynesian model with multiple shocks. Larger government size mitigates volatility arising from technology, preference, mark‐up and monetary policy shocks, but amplifies that emanating from expenditure shocks. The degree of mitigation‐amplification varies with the size of government, which opens up the possibility of a non‐monotone relationship between vo…
The Group
During the early 1930s University of Chicago economists developed a comprehensive set of policy proposals that presaged those proposed by Fed economists and academics in the aftermath of the 2007–8 financial crisis. Using the quantity-theory framework to analyze the business cycle, the Chicagoans advocated the use of the federal government's fiscal operations to conduct monetary policy—entailing an expansion of the size of the Fed's balance sheet…
Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922–1938 by Thomas M. Humphrey and Richard H. Timberlake
Book Review| February 01 2021 Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922–1938 by Thomas M. Humphrey and Richard H. Timberlake Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922–1938. By Humphrey, Thomas M.; Timberlake, Richard H.. Washington, DC: Cato Institute, 2019. xix; 201 pp. $14.95. George S. Tavlas George S. Tavlas Bank of Greece Search for other works by this author on: This …
A Reconsideration of the Doctrinal Foundations of Monetary Policy Rules: Fisher Versus Chicago
There has long been a presumption that the price-level stabilization frameworks of Irving Fisher and Chicagoans Henry Simons and Lloyd Mints were essentially equivalent. I show that there were subtle, but important, differences in the rationales underlying the policies of Fisher and the Chicagoans. Fisher’s framework involved substantial discretion in the setting of the policy instruments; for the Chicagoans the objective of a policy rule was to …
The Dog That Did Not Bark
Evidence about Lloyd Mints's role in the development of monetary economics at the University of Chicago has proven elusive, with the result that Mints has long been considered a peripheral figure at Chicago. We provide evidence showing that the standard assessment of Mints's standing in Chicago monetary economics-and in American monetary economics more broadly-is deficient. In light of (1) the originality and the breadth of his monetary contribut…
“The Initiated”: Aaron Director and the Chicago Monetary Tradition
Aaron Director taught at the University of Chicago from 1930 to 1934 and from 1946 to 1965. Both periods corresponded to crucial stages in the development of Chicago monetary economics under the leaderships of Henry Simons and Milton Friedman, respectively. Any impact that Director may have had in the development of those stages and on the relationship between the views of Simons and Friedman has been frustrated by Director’s lack of publications…
Retrospectives: On the Evolution of the Rules versus Discretion Debate in Monetary Policy
Episodes of macroeconomic upheaval associated with monetary policy failure have provided the stage for important debates on rules versus discretion. We discuss the main features, results, commonalities, and differences in the debates that emerged after three such episodes. The modern debate was born during the Great Inflation of the 1970s and focused on both rules versus discretion and the properties of alternative rules. The middle debate origin…
Jacob Viner, Milton Friedman, and the Chicago Monetary Tradition: A Reconsideration
Milton Friedman claimed that Jacob Viner's views in the early 1930s on (a) the monetary origins of the Great Depression and (b) the need of expansionary open-market operations established a linkage between the 1930s Chicago monetary tradition and Friedman's monetarist economics. I show that Viner's views on those issues and on such issues as the retention of the gold standard, money-financed versus bond-financed deficits, 100 percent reserves, th…
Milton Friedman and the Road to Monetarism: A Review Essay
Milton Friedman was the most influential economist in policy circles since John Maynard Keynes. Friedman almost single-handedly resuscitated the importance of monetary policy to academic and policy thinking while leaving his mark in such areas as the natural rate of unemployment and the long-run Phillips curve, the choice of exchange rate regimes, the destabilizing effects of discretionary policies, the benefits of monetary policy rules, the dete…
The Long and Unfinished Road to Friedman and Meiselman’s “The Relative Stability of Monetary Velocity and the Investment Multiplier”
Milton Friedman and David Meiselman’s 1963 article, “The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897–1958,” was one of the most influential studies to come out of the Keynesian-monetarist debates of the 1960s and 1970s. The gestation of the article, however, is shrouded with considerable inaccuracy and ambiguity. I use archival materials to provide a more accurate chronological ordering of the …
Carl Snyder, the Real Bills Doctrine, and the New York Fed in the Great Depression
Carl Snyder was one of the most prominent US monetary economists of the 1920s and 1930s. His pioneering work on constructing the empirical counterparts of the terms in the equation of exchange led him to formulate a 4% monetary growth rule. Snyder is especially apposite because he was on the staff of the New York Federal Reserve Bank. Why, despite his pioneering empirical work and his position as an insider, did Snyder fail to effectively challen…
The Debate About the Resilience of the Bretton Woods System: Kindleberger, Nurkse, and Friedman
Charles Kindleberger has recently been singled out as having envisioned the present international monetary system in which the US dollar is the dominant global currency and the Federal Reserve plays the role of global lender of last resort, providing dollar liquidity to other central banks through swap transactions during crises. I show how Kindleberger's views on exchange rate systems were influenced by those put forward by Ragnar Nurkse in the …
“The Quartet” and Reform of the Exchange Rate System, 1945–73: A Reconstitution
During the heyday of the Bretton Woods years, William Fellner, Gottfried Haberler, Fritz Machlup, and Robert Triffin were known as “the Quartet,” in recognition of their contributions on international monetary reform. Three of the Quartet members, Haberler, Machlup, and Fellner, have been credited as having been part of a small, select group of economists who foresaw the desirability of, and paved the way to, freely flexible exchange rates, the r…
Economics (19 works) · Economic Theory and Policy (16 works) · Political science (14 works) · Keynesian economics (13 works) · Law (12 works) · Economic Theory and Institutions (11 works) · Monetary policy (10 works) · Monetary Policy and Economic Impact (9 works) · Law (7 works) · Great Depression (6 works)