Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/64412
Authors: 
Pérez Caldentey, Esteban
Vernengo, Matías
Year of Publication: 
2012
Series/Report no.: 
Working Paper, University of Utah, Department of Economics 2012-04
Abstract: 
The Great Depression led to a need to rethink the principles of central banking, as much as it had led to the rethinking of economics in general, with the Keynesian Revolution at the forefront of the theoretical changes. This paper suggests that the role of the monetary authority as a fiscal agent of government and the abandonment of the view of the economy as self-regulated were the central changes in central banking in the center. In addition, in the periphery central banks changed to try to insulate the worst effects of balance of payments crises and the use of capital controls became more common. Marriner S. Eccles, in the United States, and Raúl Prebisch, in Argentina, are paradigmatic examples of those new tendencies of central banking in the 1930s.
Subjects: 
Monetary Policy
Economic History
Heterodox Economics
JEL: 
B31
B50
E58
N10
Document Type: 
Working Paper

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