Precursors of the P-star model

The Federal Reserve Board’s P-Star inflation forecasting model predicts changes in inflation from the gap between actual and equilibrium prices. The model has a distinguished history. Quantity theorists from David Hume to Milton Friedman have long used versions of it to explain how money stock changes determine price level changes with a lag.Forecasting ; Inflation (Finance) ; Prices

Cumulative process models from Thorton to Wicksell

An abstract for this article is not availableMonetary theory

Eliminating runaway inflation : lessons from the German hyperinflation

An abstract for this article is not availableMonetary policy ; Money supply ; Inflation (Finance)

Algebraic quantity equations before Fisher and Pigou

Readers of this Review are doubtlessly familiar with the famous equation of exchange, MV=PQ, frequently employed to analyze the price level effects of monetary shocks. One might think the algebraic formulation of the equation is an outgrowth of the 20th century tendency toward mathematical modeling and statistical testing. Indeed, textbooks typically associate the transaction velocity version of the equation with Irving Fisher and the alternative Cambridge cash balance version with A. C. Pigou, two early 20th century proponents of the application of mathematics to economic analysis. The equation, however, is considerably older, as Thomas M. Humphrey demonstrates in “Algebraic Quantity Equations Before Fisher and Pigou.” Humphrey traces the origins and prehistory of the equation in both its variants, showing that Fisher and Pigou were the inheritors of a long tradition. In fact, by 1900 the equation of exchange was over 120 years old and at least nineteen writers in five countries had presented versions of the equation. Certain versions were even more intricate than the equations of Fisher and Pigou. As early as 1771, writers had produced formulas showing that excessive growth of the money stock causes inflation.Price levels ; Money

Some current controversies in the theory of inflation

An abstract for this article is not available.Inflation (Finance)

Ricardo versus Wicksell on job losses and technological change

Employment (Economic theory) ; Technology

Knut Wicksell and Gustav Cassel on the cumulative process and the price-stabilizing policy rule

Monetary theory ; Money

A monetarist model of world inflation and the balance of payments

An abstract for this article is not available.Inflation (Finance)

When geometry emerges: some neglected early contribution to offer-curve analysis

International trade

Mercantilists and classicals: insights from doctrinal history

Monetary theory ; Economists