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Back to Cantillon: On the Relevance of the Monetary Economics of Richard Cantillon

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dc.contributor.advisor White, Lawrence H.
dc.contributor.author Bilo, Simon en_US
dc.creator Bilo, Simon en_US
dc.date.accessioned 2013-08-09T15:38:04Z
dc.date.available 2013-08-09T15:38:04Z
dc.date.issued 2013 en_US
dc.identifier.uri http://hdl.handle.net/1920/8222
dc.description.abstract Richard Cantillon was an eighteenth-century economist who raised the idea of monetary non-neutrality that we today also know as "Cantillon Effects". Cantillon and his followers emphasize that changes in the quantity of money progress over the economy in a step-by-step fashion and lead to wealth redistributions and to real effects on production processes. Cantillon's idea of monetary non-neutrality is the underlying theme of the three chapters of the dissertation. In the first chapter, I argue that the idea of "Cantillon Effects" has been downplayed in the modern macroeconomics. I conclude that it should not have been so because the idea stands the test of consistency of the equilibrium analysis as well as that of historical relevance. The following two chapters are additional illustrations of the usefulness of the idea of "Cantillon Effects". In the second chapter, I reconsider the Austrian business cycle theory, where "Cantillon Effects" are an important component. I show that the theory holds also for the assumption when people hold unbiased expectations. In the third chapter, I apply the Austrian business cycle theory into international context and show that the application is consistent with the basic stylized facts. en_US
dc.format.extent 146 pages en_US
dc.language.iso en en_US
dc.rights Copyright 2013 Simon Bilo en_US
dc.subject Economics en_US
dc.subject Austrian business cycle theory en_US
dc.subject David Hume en_US
dc.subject expectations en_US
dc.subject international business cycle en_US
dc.subject non-neutrality of money en_US
dc.subject Richard Cantillon en_US
dc.title Back to Cantillon: On the Relevance of the Monetary Economics of Richard Cantillon en_US
dc.type Dissertation en
thesis.degree.level Doctoral en
thesis.degree.discipline Economics en
thesis.degree.grantor George Mason University en


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