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Fri Mar 31 17:18:42 2006 |
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On the second part of your query, there is a brilliant article by T. M.
Humphrey, 'The Theory of Multiple Expansion of Deposits: What it is and
Whence it Came', Federal Reserve Bank of Richmond Economic Review (1987)
3-11, tracing the history of the banking multiplier. Also see D. Laidler,
_Fabricating the Keynesian Revolution_. I have an article forthcoming in
the festschrift for Augusto Graziani which deals with this question too.
I'll send it to you off the list.
I doubt if there is much connection, except formal arrangement, between the banking and
Keynesian multipliers. There is nothing in the historical
chapters in Hugo Hegeland, _The Multiplier Theory_ , 1954, Kelley reprint
1966, for example. I would be delighted if someone can find evidence of a
connection.
Victoria Chick
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