research
oaioai:RePEc:fip:fedrer:y:1987:i:jul:p:3-16:n:v.73no.4

Henry Thornton: seminal monetary theorist and father of the modern central bank

Abstract

Henry Thornton’s Paper Credit of Great Britain (1802) established once and for all the notion that central banks have the prime responsibility for controlling the money stock and the price level. This theme and the analytical framework underlying it reappeared in the famous Bullion Report (1810). There he and his coauthors contended that the central bank’s responsibility should be made explicit and that the mechanics for ensuring price level stability should be a matter of rules, not discretion.Economists ; Banks and banking, Central ; Economic history ; Great Britain

Similar works

Full text

thumbnail-image

Research Papers in Economics

Provided a free PDF
oaioai:RePEc:fip:fedrer:y:1987:i:jul:p:3-16:n:v.73no.4Last time updated on 7/6/2012View original full text link

This paper was published in Research Papers in Economics.

Having an issue?

Is data on this page outdated, violates copyrights or anything else? Report the problem now and we will take corresponding actions after reviewing your request.