Macroeconomics in Retrospect

David Laidler, formerly Bank of Montreal Professor Emeritus, University of Western Ontario and former Fellow in Residence, C.D. Howe Institute, Toronto, Canada

• Contents: Introduction 1. Adam Smith as a Monetary Economist 2. Rules, Discretion and Financial Crises in Classical and Neoclassical Monetary Economics 3. Two Views of the Lender of Last Resort: Thornton and Bagehot 4. Thomas Tooke on Monetary Reform 5. Alfred Marshall and the Development of Monetary Economics 6. From Bimetallism to Monetarism: The Shifting Political Affiliation of the Quantity Theory 7. Monetary Explanations of the Weimar Republic’s Hyperinflation: Some Neglected Contributions in Contemporary German Literature 8. Variations on a Two-Interest-Rate Theme 9. The Austrians and the Stockholm School: Two Failures in the Development of Modern Macroeconomics? 10. Hawtrey, Harvard, and the Origins of the Chicago Tradition 11. More on Hawtrey, Harvard and Chicago 12. Wage and Price Stickiness in Macroeconomics: An Historical Perspective 13. What was New about Liquidity Preference Theory? 14. Radcliffe, the Quantity Theory, and Monetarism 15. Hicks’s Later Monetary Thought 16. The Emergence of the Phillips Curve as a Policy Menu 17. Some Aspects of Monetarism circa 1970: A View from 1994 18. The Legacy of the Monetarist Controversy 19. The Role of the History of Economic Thought in Modern Macroeconomics Index

'There is never a dull moment in David Laidler's essays. He writes relatively thick history, emphasising complexities and paradoxes, but with a very sharp pen and very strong opinions. . . this is a valuable collection.'