History of Monetary Thought through the eyes of the Classics

By Pedro Schwartz

The institution of money is not at the centre of the research programmes of mainstream macroeconomics. In most models proposed by the profession money is inserted as an afterthought – if at all. This contrasts with the importance generally attributed to financial and monetary institutions when analysing the political economy of crashes such as the Great Recession and its aftermath. History can help remedy this contradiction. Since money is such an abstract institution the same problems recur across time and place, so that the study of past and present monetary theories will turn out to be surprisingly relevant in the present moments of perplexity.

16th July – 1st August

The Economics of Monetary Unions. Past Experiences and the Eurozone

Sponsored by Institute of International Monetary Research and Santander Universities UK

Juan Castaneda, Institute of International Monetary Research and University of Buckingham
Alessandro Roselli, CASS Business School
Geoffrey Wood, University of Buckingham

We have invited academics and commentators in macroeconomics, central banking and finance, from the UK and across Europe to contribute to the sessions. It should be an exciting occasion to discuss the challenges the Eurozone still faces ten years after the start of the Global Financial Crisis. We will have four sessions on (1) the historical precedents of currency unions and when they failed, (2) internal imbalances and the Target2 system in the Eurozone, (3) when countries form a monetary union and when monetary unions fail and (4) the Eurozone and the fiscal union.

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