English  |  正體中文  |  简体中文  |  Items with full text/Total items : 62570/95233 (66%)
Visitors : 2564135      Online Users : 300
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/18991

    Title: Legal restrictions and sunspots: A further inquiry on the real-bills doctrine versus the quantity theory debate
    Authors: Chuang, Shi-feng;Huo, Teh-ming
    Contributors: 淡江大學經濟學系
    Date: 2004-09-01
    Issue Date: 2009-09-23 17:14:35 (UTC+8)
    Publisher: Elsevier
    Abstract: This paper argues that economic fluctuations before the Peel’s Bank Act were caused by extrinsic random events relating to possible suspension of convertibility of the Bank of England. We show that there are economies in which (i) sunspot equilibria exist in the absence of the legal restrictions espoused by the quantity theory; (ii) the restrictions can be used to eliminate those equilibria; (iii) the proposals of the real-bills doctrine improve the outcomes of the quantity theory restrictions as well as free banking; and (iv) the welfare improvement of the real-bills regime can be accomplished only with the legal restrictions imposed.
    Relation: Journal of macroeconomics 26(3), pp.431-442
    DOI: 10.1016/j.jmacro.2003.02.003
    Appears in Collections:[Graduate Institute & Department of Economics] Journal Article

    Files in This Item:

    File Description SizeFormat
    Legal restrictions and sunspots A further inquiry on the real-bills doctrine versus the quantity theory debate.pdf230KbAdobe PDF0View/Open

    All items in 機構典藏 are protected by copyright, with all rights reserved.

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - Feedback