The quantity theory of money equation, the neutral money convinction and the understanding about the bank as a credit intermediary are the focus of the monetary analysis from the beginning to the middle of the past century. Fanno is interested in these subjects and he develops the Wicksell’s model thanks to the co-ordination with the exchange equation and with some factors of the monetary and credit balance. So Fanno opens a new mainstream of economic analysis. He emphasizes the profit rate and his notion of time lags which magnify exogenous changes is crucial. The authors recover the Fanno’s approach though it is sub specie temporis, specific to its time but also it has some links with the important recent
The revision of Monetary Theory in Fanno's Analysis
POMINI, MARIO
2005
Abstract
The quantity theory of money equation, the neutral money convinction and the understanding about the bank as a credit intermediary are the focus of the monetary analysis from the beginning to the middle of the past century. Fanno is interested in these subjects and he develops the Wicksell’s model thanks to the co-ordination with the exchange equation and with some factors of the monetary and credit balance. So Fanno opens a new mainstream of economic analysis. He emphasizes the profit rate and his notion of time lags which magnify exogenous changes is crucial. The authors recover the Fanno’s approach though it is sub specie temporis, specific to its time but also it has some links with the important recent
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