Belling the cat: Eli F. Heckscher on the gold standard as a discipline device
(2013) In History of Political Economy 45(1). p.39-59- Abstract
- 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.
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/1981213
- author
- Fregert, Klas LU
- organization
- publishing date
- 2013
- type
- Contribution to journal
- publication status
- published
- subject
- keywords
- Heckscher, time-consistent policy, devaluation, deflation, gold standard
- in
- History of Political Economy
- volume
- 45
- issue
- 1
- pages
- 39 - 59
- publisher
- Duke University Press
- external identifiers
-
- wos:000316369900002
- scopus:84875286226
- ISSN
- 1527-1919
- DOI
- 10.1215/00182702-1965186
- language
- English
- LU publication?
- yes
- id
- 9c610127-4172-49e6-bd5d-13f98f5c01ae (old id 1981213)
- alternative location
- http://swopec.hhs.se/lunewp/abs/lunewp2011_019.htm
- date added to LUP
- 2016-04-01 10:08:12
- date last changed
- 2022-01-25 20:03:02
@article{9c610127-4172-49e6-bd5d-13f98f5c01ae, abstract = {{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.}}, author = {{Fregert, Klas}}, issn = {{1527-1919}}, keywords = {{Heckscher; time-consistent policy; devaluation; deflation; gold standard}}, language = {{eng}}, number = {{1}}, pages = {{39--59}}, publisher = {{Duke University Press}}, series = {{History of Political Economy}}, title = {{Belling the cat: Eli F. Heckscher on the gold standard as a discipline device}}, url = {{https://lup.lub.lu.se/search/files/1592396/2061797}}, doi = {{10.1215/00182702-1965186}}, volume = {{45}}, year = {{2013}}, }