European Society for the History of Economic Thought

Monetary macroeconomics during crises: markets, cycles and economic policies (1765-1985)

Paris, July 6, 2022

A tribute to Jérôme de Boyer des Roches (1954-2020) will be held through a symposium at the University of Paris I Panthéon-Sorbonne on July 6, 2022.

This event organized by the research center PHARE (Philosophy, History and Analysis of Economic Thought, Paris I), will focus on the theme “Monetary macroeconomics during crises: markets, cycles and economic policies”.

For Jérôme de Boyer, monetary theory and policy are nourished “by experience and by a historical dimension” (introduction, p. i). Throughout his book La Pensée Monétaire (Les Solos, 2003) and his numerous publications, he questioned the conditions under which dominant currents in monetary macroeconomics emerge. Jérôme de Boyer studied monetary thought in the 18th century through authors such as James Steuart, Richard Cantillon, David Hume, as well as in the 19th century with authors such as Thornton, Tooke, Ricardo, Fullarton and in the 20th century, Hawtrey, Fisher and Keynes. He analyzed the conditions of formation of the dominant currents, but he also insisted on those which he considered as non-dominant.

From this study, La Pensée Monétaire, Jérôme de Boyer (2003, p. 340) draws at least two lessons: on the one hand, the market generates financial innovations and, on the other hand, producing and exchanging in the market lead to important risks. (2003, p. 341). These risks have direct consequences to the currency and manifest themselves during crises.

Monetary policy has political stakes because it modifies the risk exposure of economic agents and their situation in times of crises (the liquidity of merchants, banks and public debt, the liquidity of financial markets, of funding and the international liquidity). Moreover, the monetary economy is not limited to market relations. It is linked with social classes (salary relationship).

During the symposium on July 6, we invite participants to come back to the economic analysis and monetary policy of the authors studied by Jérôme de Boyer.

The following list, far from being exhaustive, gives some indications on the authors and the topics which could be studied:

- James Steuart versus Adam Smith: two monetary analyzes

- Emergence of banking money: the system of John Law, Smith and the banks

- Wicksell, Fisher, Hawtrey: cycles, their analysis of financial risks

- Marx: monetary policy, the interest rate, fictitious capital and his analyzes of the history of monetary thought

- Quantity theory, the Currency-Banking controversy, liquidity risk and financial crises

- The money market and market for money in different authors (Hawtrey, Keynes, Don Patinkin, Clower, but also in more contemporary macroeconomics)

- Exchange rate risk and liquidity risk in models of international financial and macroeconomic crises (e.g. the Asian crisis, the crises in Latin America, the 2008 crisis) or national crises (Ricardo, Taussig, Triffin, R. Prebisch, HD White and R. Mundell).

- Monetarism: money supply and exchange rate regime, currency board

- Banks and financial markets in contemporary financial theory.

- Endogenous money: the post-Keynesian tradition, Hicks

Important dates:

Submission of proposals: February 28, 2022. Format of proposals: 300 to 400 words in French or English.

Submission of papers for discussion: no later than June 15, 2022

Co-authored articles are particularly welcome.

We will have discussants for the articles.