The course focuses on the development of monetary theories during the XX century, through the readings of original texts. The first part of the course is dedicated to John Maynard Keynes, starting from the Treatise on Money and following with the General Theory and his project of “International Clearing Union”. Successively, will be analysed Milton Friedman’s contributions and the revival of “quantitative theory” and the strong criticism proposed by Kaldor. A key and final role in the course will be played by Minsky’s hypothesis on structural financial instability and Mandelbrot’s criticism of standard financial theory.
For those who attend the course, the examination the exam schedule is based on teaching material supplied during the course.
For those who cannot or do not want to attend the course, the exam schedule is:
- Nicholas KALDOR, The Scourge of Monetarism, 1982, part II, §§ 1-42 (pp. 37-60);
- Milton FRIEDMAN, The Optimum Quantity of Money and Other Essays, chapters 1, 5 13
- Milton FRIEDMAN, Monetarist Economics, 1991, chapter 1 (pp. 1-21)
- Hyman MINSKY, Stabilizing an Unstable Economy, 2008, chapters 5,6 (pp. 107-156)
- Don PATINKIN, Keynes and Monetary Thought, 1976, chapters from 7 to 13 (pp. 54-143