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

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dc.contributor.advisorWhite, Lawrence H.
dc.contributor.authorBilo, Simon
dc.creatorBilo, Simon
dc.date.accessioned2013-08-09T15:38:04Z
dc.date.available2013-08-09T15:38:04Z
dc.date.issued2013
dc.description.abstractRichard 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.
dc.format.extent146 pages
dc.identifier.urihttps://hdl.handle.net/1920/8222
dc.language.isoen
dc.rightsCopyright 2013 Simon Bilo
dc.subjectEconomics
dc.subjectAustrian business cycle theory
dc.subjectDavid Hume
dc.subjectExpectations
dc.subjectInternational business cycle
dc.subjectNon-neutrality of money
dc.subjectRichard Cantillon
dc.titleBack to Cantillon: On the Relevance of the Monetary Economics of Richard Cantillon
dc.typeDissertation
thesis.degree.disciplineEconomics
thesis.degree.grantorGeorge Mason University
thesis.degree.levelDoctoral

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