The vicious/virtuous circle debate in the Twenties and the Seventies

Authors

  • M. DE CECCO

DOI:

https://doi.org/10.13133/2037-3643/10781

Keywords:

vicious/virtuous circle, exchange rate depreciation, inflation, monetary policy

Abstract

The vicious/virtuous circle debate is revived, and the recent debate which started in the mid-seventies is compared with that of the interwar period. The central issues are exchange rate depreciation, inflation and 'validating' monetary policy. The views of several economists are analysed, supported by quotations.

References

ANGELL, J,W, (1936): The Theory oflnternational Prices, Harvard,

AUKRUST, O. (1977): "Inf1ation in the Open Economy: A Norwegian Mode1", in L. Krause and

W, Salant (eds.), Worldwide Inflation, The Brookings Institution, Washington, D.C.

ARTUS, l,R, and YOUNG, ].H.: "Fixed and Flexible Exchange Rates: A Renewal oE the Debate"

IntemationalMonetary Fund, StaffPapers, voI. 26, December 1979, No, 4, pp, 654-698. '

BANK FaR INTERNATIONAL SEITLEMENTs (BIS): AnnualReports, 1976-1980.

BASEVI, G, and DE GRAU'V'E, P. (1977): "Vicious and Virtuous Circles: A Theoretical Analysis and

A Policy Proposal for Managing Exchange Rates", European Economie Review, vol. lO,

pp. 277-301.

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Published

2013-10-17

How to Cite

DE CECCO, M. (2013). The vicious/virtuous circle debate in the Twenties and the Seventies. PSL Quarterly Review, 36(146). https://doi.org/10.13133/2037-3643/10781

Issue

Vol. 36 No. 146 (1983)

Section

Editorial

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