The Group | The Monetarists: The Making of the Chicago Monetary Tradition, 1927-1960 | Chicago Scholarship Online (2024)

The Group | The Monetarists: The Making of the Chicago Monetary Tradition, 1927-1960 | Chicago Scholarship Online (1) The Monetarists: The Making of the Chicago Monetary Tradition, 1927-1960

George S. Tavlas

Published:

2023

Online ISBN:

9780226823195

Print ISBN:

9780226823188

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George S. Tavlas

George S. Tavlas

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Pages

41–92

  • Published:

    June 2023

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OXFORD ACADEMIC STYLE

Tavlas, George S., 'The Group', The Monetarists: The Making of the Chicago Monetary Tradition, 1927-1960 (Chicago, IL, 2023; online edn, Chicago Scholarship Online, 18 Jan. 2024), https://doi.org/10.7208/chicago/9780226823195.003.0002, accessed 9 July 2024.

CHICAGO STYLE

Tavlas, George S.. "The Group." In The Monetarists: The Making of the Chicago Monetary Tradition, 1927-1960 University of Chicago Press, 2023. Chicago Scholarship Online, 2024. https://doi.org/10.7208/chicago/9780226823195.003.0002.

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Abstract

This chapter documents the origins of the Chicago monetary tradition in the late-1920s and early-1930s. The core members of the 1930s Chicago monetary tradition were Henry Simons, Lloyd Mints, Frank Knight, Aaron Director, and Paul Douglas from the Economics Department, and Garfield Cox from the Business School. Those economists referred to themselves collectively as “The Group.” The chapter shows that the Chicago monetary tradition was policy centric and policy activist. It emphasized the need for money-financed fiscal deficits to combat the Great Depression with the provision that the budget should be balanced over the business cycle. To moderate the cycle, the Chicago economists advocated monetary-policy rules and 100 percent reserve requirements on demand deposits. They believed that the gold standard should be abandoned in favor of flexible exchange rates.

Keywords: Milton Friedman, Chicago monetary tradition, monetary policy, monetary policy rules, flexible exchange rates

Subject

Economic History

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