Henry Thornton: Seminal Monetary Theorist and Father of the Modern Central Bank

14 Pages Posted: 27 Oct 2012

See all articles by Robert L. Hetzel

Robert L. Hetzel

Federal Reserve Banks - Federal Reserve Bank of Richmond

Date Written: 1987

Abstract

Henry Thornton's Paper Credit of Great Britain (1802) established once and for all the notion that central banks have the prime responsibility for controlling the money stock and the price level. This theme and the analytical framework underlying it reappeared in the famous Bullion Report (1810). There he and his coauthors contended that the central bank's responsibility should be made explicit and that the mechanics for ensuring price level stability should be a matter of rules, not discretion.

Suggested Citation

Hetzel, Robert L., Henry Thornton: Seminal Monetary Theorist and Father of the Modern Central Bank (1987). FRB Richmond Economic Review, vol. 73, no. 4, July/August 1987, pp. 3-16, Available at SSRN: https://ssrn.com/abstract=2125233

Robert L. Hetzel (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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