Thomas M. Humphrey

Federal Reserve Banks - Federal Reserve Bank of Richmond

P.O. Box 27622

Richmond, VA 23261

United States

  • Federal Reserve Banks - Federal Reserve Bank of Richmond

SCHOLARLY PAPERS

60

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148

Scholarly Papers (60)

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1.

The Quantity Theory of Money: Its Historical Evolution and Role in Policy Debates

FRB Richmond Economic Review, Vol. 60, May/June 1974, pp. 2-19
Number of pages: 18 Posted: 23 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 2,392 (11,941)
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2.

The Early History of the Phillips Curve

Economic Review, vol. 71, no. 5, September/October 1985, pp. 17-24
Number of pages: 8 Posted: 23 Oct 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 857 (55,203)

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3.

Keynes on Inflation

FRB Richmond Economic Review, Vol. 67, No. 1, January/February 1981, pp. 3-13
Number of pages: 11 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 731 (68,225)

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4.

Lender of Last Resort: The Concept in History

FRB Richmond Economic Review, Vol. 75, No. 2, March/April 1989, pp. 8-16
Number of pages: 9 Posted: 02 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 626 (83,107)
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5.

Alfred Marshall and the Quantity Theory of Money

FRB Richmond Working Paper No. 04-10
Number of pages: 14 Posted: 05 Dec 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 588 (89,972)
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quantity theory, Cambridge cash balance approach, monetary neutrality and nonneutrality, direct causality, exogeneity, purchasing power parity, symmetallism, indexation, managed paper currency, price-level stability

6.

Fisher and Wicksell on the Quantity Theory

FRB Richmond Economic Quarterly, Vol. 83, No. 4, Fall 1997, pp. 71-90
Number of pages: 20 Posted: 19 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 477 (116,354)
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7.

The Evolution and Policy Implications of Phillips Curve Analysis

Economic Review, vol. 71, no. 2, March/April 1985, pp. 3-22
Number of pages: 20 Posted: 23 Oct 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 472 (117,853)
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8.

Algebraic Production Functions and Their Uses before Cobb-Douglas

FRB Richmond Economic Quarterly, Vol. 83, No. 1, Winter 1997, pp. 51-83
Number of pages: 33 Posted: 19 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 366 (157,909)
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9.

The Real Bills Doctrine

FRB Richmond Economic Review, Vol. 68, No. 5, September/October 1982, pp. 3-13
Number of pages: 11 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 359 (161,267)
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10.

Classical Deflation Theory

Downloads 351 (165,197)
Citation 1

Classical Deflation Theory

FRB Richmond Working Paper No. 03-13
Number of pages: 22 Posted: 03 Dec 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 265 (220,640)
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deflation, classical monetary theory, price-wage stickiness, output and employment, neutrality and nonneutrality of money, resumption at par, ingot plan

Classical Deflation Theory

FRB Richmond Economic Quarterly, vol. 90, no. 1, Winter 2004, pp. 11-32
Number of pages: 22 Posted: 05 Dec 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 86 (564,300)

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11.

The Classical Concept of the Lender of Last Resort

FRB Richmond Economic Review, Vol. 61, January/February 1975, pp. 2-9
Number of pages: 8 Posted: 23 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 315 (185,440)
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12.

The Theory of Multiple Expansion of Deposits: Why It Is and Whence It Came

FRB Richmond Economic Review, vol. 73, no. 2, March/April 1987, pp. 3-11
Number of pages: 9 Posted: 27 Oct 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 289 (203,121)

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13.

Marshallian Cross Diagrams and Their Uses before Alfred Marshall

FRB Richmond Economic Review, Vol. 78, No. 2, March/April 1992, pp. 3-23
Number of pages: 21 Posted: 07 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 245 (239,726)
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14.

Cumulative Process Models from Thornton to Wicksell

Economic Review, Vol. 72, No. 3, May/June 1986, pp. 18-25
Number of pages: 8 Posted: 24 Oct 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 215 (271,562)

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15.

Mercantilists and Classicals: Insights from Doctrinal History

FRB Richmond Economic Quarterly, vol. 85, no. 2, Spring 1999, pp. 55-82
Number of pages: 28 Posted: 26 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 204 (285,114)

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16.

Historical Origins of the Cost-Push Fallacy

FRB Richmond Economic Quarterly, vol. 84, no. 3, Summer 1998, pp. 53-74
Number of pages: 22 Posted: 21 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 204 (285,114)
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17.

The Early History of the Real/Nominal Interest Rate Relationship

FRB Richmond Economic Review, Vol. 69, No. 3, May/June 1983, pp. 2-10
Number of pages: 9 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 201 (289,022)

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18.

Classical and Neoclassical Roots of the Theory of Optimum Tariffs

FRB Richmond Economic Review, vol. 73, no. 4, July/August 1987, pp. 17-28
Number of pages: 12 Posted: 27 Oct 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 200 (290,274)

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19.

Adam Smith and the Monetary Approach to the Balance of Payments

FRB Richmond Economic Review, Vol. 67, No. 6, November/December 1981, pp. 3-10
Number of pages: 8 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 180 (319,223)
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20.

When Geometry Emerged: Some Neglected Early Contributions to Offer-Curve Analysis

FRB Richmond Economic Quarterly, vol. 81, no. 2, Spring 1995, pp. 39-73
Number of pages: 35 Posted: 15 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 174 (329,065)

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21.

Ricardo versus Wicksell on Job Losses and Technological Change

FRB Richmond Economic Quarterly, vol. 90, no. 4, Fall 2004, pp. 5-24
Number of pages: 20 Posted: 05 Dec 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 173 (330,722)

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22.

Nonneutrality of Money in Classical Monetary Thought

FRB Richmond Economic Review, vol. 77, no. 2, March/April 1991, pp. 3-15
Number of pages: 13 Posted: 06 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 157 (359,360)
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23.

Fisherian and Wicksellian Price-Stabilization Models in the History of Monetary Thought

FRB Richmond Economic Review, vol. 76, no. 3, May/June 1990, pp. 3-12
Number of pages: 10 Posted: 03 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 156 (361,323)

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24.

The Early History of the Box Diagram

FRB Richmond Economic Quarterly, vol. 82, no. 1, Winter 1996, pp. 37-75
Number of pages: 39 Posted: 17 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 155 (363,279)
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25.

The Lender of Last Resort: A Historical Perspective

FRB Richmond Working Paper No. 84-3
Number of pages: 55 Posted: 24 Aug 2012
Thomas M. Humphrey and Robert Keleher
Federal Reserve Banks - Federal Reserve Bank of Richmond and Independent
Downloads 150 (373,155)
Citation 18

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26.

Of Hume, Thornton, the Quantity Theory, and the Phillips Curve

FRB Richmond Economic Review, Vol. 68, No. 6, November/December 1982, pp. 13-18
Number of pages: 6 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 139 (396,375)

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27.

Factors Determining Exchange Rates: A Simple Model and Empirical Tests

FRB Richmond Economic Review, Vol. 63, No. 3, May/June 1977, pp. 10-15
Number of pages: 6 Posted: 24 Aug 2012
Thomas M. Humphrey and Thomas Lawler
Federal Reserve Banks - Federal Reserve Bank of Richmond and affiliation not provided to SSRN
Downloads 139 (396,375)

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28.

Algebraic Quantity Equations Before Fisher and Pigou

FRB Richmond Economic Review, Vol. 70, No. 5, September/October 1984, pp. 13-22
Number of pages: 10 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 137 (400,862)

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29.

The Purchasing Power Parity Doctrine

FRB Richmond Economic Review, Vol. 65, No. 3, May/June 1979, pp. 3-13
Number of pages: 11 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 137 (400,862)

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30.

A Monetarist Model of Exchange Rate Determination

FRB Richmond Economic Review, Vol. 63, No. 1, January/February 1977, pp. 3-9
Number of pages: 7 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 136 (403,135)

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31.

Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s

Downloads 126 (427,740)
Citation 7

Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s

FRB Richmond Economic Quarterly, vol. 87, no. 1, Winter 2001, pp. 65-92
Number of pages: 28 Posted: 02 Dec 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 79 (594,612)
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Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s

FRB Richmond Working Paper No. 00-7
Number of pages: 37 Posted: 27 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 47 (773,622)
Citation 4

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quantity theory, real bills doctrine, scissors effect, policy indicators

32.

Knut Wicksell and Gustav Cassel on the Cumulative Process and the Price-Stabilizing Policy Rule

FRB Richmond Economic Quarterly, vol. 88, no. 3, Summer 2002, pp. 59-83
Number of pages: 25 Posted: 02 Dec 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 110 (473,692)
Citation 1

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33.

The Origins of Velocity Functions

FRB Richmond Economic Quarterly, vol. 79, no. 4, Fall 1993, pp. 1-17
Number of pages: 17 Posted: 09 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 109 (476,822)

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34.

A Monetarist Model of the Inflationary Process

Economic Review, vol. 61, November/December 1975, pp. 13-23
Number of pages: 11 Posted: 23 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 106 (486,489)
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35.

Arresting Financial Crises: The Fed Versus the Classicals

Levy Economics Institute, Working Papers Series
Number of pages: 19 Posted: 06 Feb 2013
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 104 (493,235)

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Lender of Last Resort, Financial Crises, Bank Panics, Bank Runs, Bailouts, Penalty Rates, Collateral, High-Powered Monetary Base, Broad Money Stock, Multiplier, Federal Reserve Policy, Liquidity, Insolvency, Emergency Lending, Credit Risk Spreads, Systemic Risks, Classical Economists

36.

The Trade Theorist's Sacred Diagram: Its Origin and Early Development

FRB Richmond Economic Review, vol. 74, no. 1, January/February 1988, pp. 3-15
Number of pages: 13 Posted: 31 Oct 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 98 (513,619)

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37.

Eliminating Runaway Inflation: Lessons from the German Hyperinflation

FRB Richmond Economic Review, Vol. 66, No. 4, July/August 1980, pp. 3-7
Number of pages: 5 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 91 (538,832)

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38.

James Pennington, (1777-1862): Classical Banking, Monetary, and Trade Theorist and Economic Policy Advisor

FRB Richmond Working Paper No. 03-8
Number of pages: 7 Posted: 03 Dec 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 77 (595,287)

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classical economics, currency principle, currency school, multiple expansion of deposits, reciprocal demand and the terms of trade

39.

Dennis H. Robertson and the Monetary Approach to Exchange Rates

FRB Richmond Economic Review, Vol. 66, No. 3, May/June 1980, pp. 19-26
Number of pages: 8 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 69 (632,113)

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40.

The Concept of Indexation in the History of Economic Thought

FRB Richmond Economic Review, Vol. 60, November/December 1974, pp. 3-16
Number of pages: 14 Posted: 23 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 69 (632,113)
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41.

John Wheatley's Theory of International Monetary Adjustment

FRB Richmond Economic Quarterly, vol. 80, no. 3, Summer 1994, pp. 69-86
Number of pages: 18 Posted: 14 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 64 (657,165)

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42.

Rival Notions of Money

FRB Richmond Economic Review, vol. 74, no. 5, September/October 1988, pp. 3-9
Number of pages: 7 Posted: 31 Oct 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 63 (662,381)
Citation 1

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43.

The Monetary Approach to Exchange Rates: Its Historical Evolution and Role in Policy Debates

FRB Richmond Economic Review, Vol. 64, No. 4, July/August 1978, pp. 2-9
Number of pages: 8 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 61 (672,939)

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44.

On Cost-Push Theories of Inflation in the Pre-War Monetary Literature

FRB Richmond Economic Review, Vol. 63, No. 3, May/June 1977, pp. 3-9
Number of pages: 7 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 56 (700,437)

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45.

Wicksell's Monetary Framework and Dynamic Stability

Federal Reserve Bank of Richmond Working Paper No. 90-7
Number of pages: 31 Posted: 03 Nov 2012
Robert F. Graboyes and Thomas M. Humphrey
Independent and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 55 (706,148)
Citation 1

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46.

Precursors of the P-Star Model

FRB Richmond Economic Review, Vol. 75, No. 4, July/August 1989, pp. 3-9
Number of pages: 7 Posted: 02 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 55 (706,148)
Citation 4

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47.

On Nonneutral Relative Price Effects in Monetarist Thought: Some Austrian Misconceptions

FRB Richmond Economic Review, Vol. 70, No. 3, pp. 13-19, May/June 1984
Number of pages: 7 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 55 (706,148)
Citation 1

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48.

Ricardo versus Thornton on the Appropriate Monetary Response to Supply Shocks

FRB Richmond Economic Review, vol. 76, no. 6, November/December 1990, pp. 18-24
Number of pages: 7 Posted: 03 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 53 (717,811)

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49.

Some Recent Developments in Phillips Curve Analysis

FRB Richmond Economic Review, Vol. 64, No. 1, January/February 1978, pp. 15-23
Number of pages: 9 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 51 (730,239)
Citation 1

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50.

A Monetarist Model of World Inflation and the Balance of Payments

FRB Richmond Economic Review, Vol. 62, November/December 1976, pp. 13-22
Number of pages: 10 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 49 (742,851)

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51.

Two Views of Monetary Policy: The Attwood-Mill Debate Revisited

FRB Richmond Economic Review, Vol. 63, No. 5, September/October 1977, pp. 14-22
Number of pages: 9 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 45 (769,150)
Citation 1

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52.

Some Current Controversies in the Theory of Inflation

FRB Richmond Economic Review, Vol. 62, July/August 1976, pp. 8-19
Number of pages: 12 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 44 (776,057)

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53.

Interest Rates, Expectations, and the Wicksellian Policy Rule

FRB Richmond Working Paper No. 75-2, July 1, 1975
Number of pages: 27 Posted: 23 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 44 (776,057)

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54.

The Persistence of Inflation

FRB Richmond Economic Review, Vol. 65, No. 5, September/October 1979, pp. 3-14
Number of pages: 12 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 42 (790,241)

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55.

Fisher, Thornton and the Analysis of the Inflation Premium

FRB Richmond Working Paper No. 84-5
Number of pages: 16 Posted: 24 Aug 2012
William Beranek, Thomas M. Humphrey and Richard Timberlake
affiliation not provided to SSRN, Federal Reserve Banks - Federal Reserve Bank of Richmond and University of Georgia - Department of Economics & Finance
Downloads 40 (804,836)
Citation 1

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56.

A Simple Model of Irving Fisher's Price-Level Stabilization Rule

FRB Richmond Economic Review, Vol. 78, No. 6, November/December 1992, pp. 12-18
Number of pages: 7 Posted: 07 Nov 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 38 (819,855)

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57.

Can the Central Bank Peg Real Interest Rates? A Survey of Classical and Neoclassical Opinion

FRB Richmond Economic Review, Vol. 69, No. 5, September/October 1983, pp. 12-21
Number of pages: 10 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 37 (827,545)
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58.

Bullionists' Exchange Rate Doctrines and Current Policy Debates

FRB Richmond Economic Review, Vol. 66, No. 1, January/February 1980, pp. 19-22
Number of pages: 4 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 32 (868,777)

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59.

Explaining Exchange Rate Behavior: An Augmented Version of the Monetary Approach

FRB Richmond Economic Review, Vol. 67, No. 3, May/June 1981, pp. 3-11
Number of pages: 9 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 31 (877,420)

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60.

The Interest Cost-Push Controversy

FRB Richmond Economic Review, Vol. 65, No. 1, January/February 1979, pp. 3-10
Number of pages: 8 Posted: 24 Aug 2012
Thomas M. Humphrey
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 30 (886,122)

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