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Thomas M. Humphrey

August 25, 2023

Thomas MacGillivray Humphrey (born 1935) is an American economist. Until 2005 he was a research advisor and senior economist in the research department of the Federal Reserve Bank of Richmond and editor of the Bank's flagship publication, the Economic Quarterly.[1] His publications cover macroeconomics, monetary economics, and the history of economic thought.[1][2] Mark Blaug called him the "undisputed master" of British classical monetary thought.[3]

Thomas M. Humphrey
Thomas M. Humphrey, economist
Born1935 (age 87–88)
Louisville, Kentucky
NationalityAmerican
Other namesThomas MacGillivray Humphrey
EducationUniversity of Tennessee (B.S, M.S); Tulane University (Ph.D)
Occupation(s)Economist, author, Federal Reserve Bank of Richmond
Years activeuntil 2005 (retired)
Known forHistory of monetary thought
SpouseMitzi Greene Humphrey (married June 1957–present)

Writing and research Edit

Humphrey has written books and journal articles on monetary policy history.[4][5] He is the author of articles published in journals such as the Cato Journal,[6][7] HOPE (History of Political Economy),[8] Southern Economics Journal,[9] and Econ Focus (formerly Region Focus).[10] He wrote over 70 articles published in the journals of the Richmond Federal Reserve.[11][12] Articles by Humphrey such as Rival Notions of Money [13] may be freely accessed and downloaded at the Federal Reserve Bank of Richmond's website.

Humphrey was an editor of the Federal Reserve of Richmond Economic Quarterly, previously known as the Economic Review and before that as the Monthly Review.[14] In 1998 his annual report for the Federal Reserve Bank of Richmond was Mercantilists and Classicals: Insights from Doctrinal History.[15]

His first four books on the history of monetary thought were: The Monetary Approach to the Balance of Payments, Exchange Rates, and World Inflation (co-author Robert Keleher); Money, Banking and Inflation: Essays in the History of Monetary Thought; Money, Exchange and Production: Further Essays in the History of Economic Thought; and Essays on Inflation.[16] Charles R. McCann, Jr. stated, in reference to Humphrey's book Money, Banking and Inflation: Essays in the History of Monetary Thought that "monetary economists looking for an accessible introduction to their discipline's past will find few better starting points than this volume."[2](registration required)

In 2019 The Cato Institute published his fifth book, Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder – 1922–1938, a collaboration between Humphrey and his co-author Richard H. Timberlake.

His writing on the history of economic thought was included in the first edition to the New Palgrave and in the later An Encyclopedia of Keynesian Economics[17] to which he contributed an article on the Chicago School of Economics, and also in festschriften, book reviews,[18] textbooks, annual reports, and anthologies.[19] For Famous Figures in Diagrams and Economics[20] by Mark Blaug and Peter Lloyd, Humphrey wrote the first chapter, Marshallian Cross Diagrams and Chapter 55, Intertemporal utility maximization – the Fisher diagram.[20] Humphrey's works on monetary theory are cited in David Laidler's book Fabricating the Keynesian Revolution: Studies of the Inter-War Literature on Money, the Cycle, and Unemployment.[21]

In 2006, Federal Reserve Chairman Ben S. Bernanke at the Fourth ECB Central Banking Conference, Frankfurt, Germany, cited Humphrey's article on the real bills doctrine.[22][23] In 2008 Humphrey gave the Fourth Annual Ranlett Lecture in Economics at California State University, Sacramento, entitled Lender of Last Resort: The Concept in History. In 2009 Humphrey participated in the Adam Smith Program, Jepson School of Leadership Studies at the University of Richmond, where he presented The Fed's Deviation from Classical Thornton-Bagehot Lender-of-Last-Resort Policy, a paper co-authored with Richard Timberlake.[24] At the 2010 Annual Meeting of the American Economics Association (AEA) in Atlanta, Georgia, his subject was The Lender of Last Resort in the History of Economic Thought. In February 2013, he wrote Working Paper No. 751 Arresting Financial Crises: The Fed Versus the Classicals[25] for the Levy Economics Institute of Bard College, an essay which was subsequently presented at the 2013 Annual Meeting in Philadelphia of the American Economics Association. He wrote reviews of books by other writers on economic subjects, such as Sylvia Nasar, Arie Arnon,[26] and Robert W. Dimand's "Irving Fisher (Great Thinkers in Economics)".

Books Edit

  • The Monetary Approach to the Balance of Payments, Exchange Rates, and World Inflation (co-author Robert Keleher). ISBN 9780030559563[27]
  • Money, Banking and Inflation: Essays in the History of Monetary Thought. ISBN 9781852789411
  • Money, Exchange, and Production: Further Essays in the History of Economic Thought. ISBN 1858986524[28][29]
  • Essays on Inflation. ISBN 0894990888[30]
  • Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder 1922–1938. (co-author Richard H. Timberlake). ISBN 9781948647557[31][32]

See also Edit

References Edit

  1. ^ a b "Al Broaddus & Tom Humphrey" (PDF). Region Focus (Fall 2004): 30–34. Retrieved 18 August 2014.
  2. ^ a b McCann Jr., Charles R. (Winter 1996). "Economic Thought since Keynes: A History and Dictionary of Major Economists". History of Political Economy. 28 (4): 710–712. doi:10.1215/00182702-28-4-710.
  3. ^ Blaug, Mark (1995). The Quantity Theory of Money: From Locke to Keynes to Friedman. Brookfield, VT: Edward Elgar. p. 45.
  4. ^ Federal Reserve, Richmond. "FRD Richmond". Federal Reserve of Richmond. Retrieved 10 June 2014.
  5. ^ Humphrey, Thomas M. "Fed in Print". www.fedinprint.org. Retrieved 23 May 2019.
  6. ^ Humphrey, Thomas. "Lender of Last Resort" (PDF). Cato Journal. Cato Institute. Retrieved 10 June 2014.
  7. ^ Timberlake, Richard H. Jr.; September 25, Thomas Humphrey This article appeared on Cato org on (25 September 2008). "A Stable Price Level Standard for Federal Reserve Monetary Policy". Cato Institute. Retrieved 5 June 2019.
  8. ^ "History of Political Economy". hope.dukejournals.org. Duke University Press. Retrieved 16 August 2014.
  9. ^ Southern Economics Journal. 41 (July 1974), 58
  10. ^ Humphrey, Thomas M. "Book Review: 'The Real Adam Smith' by Gavin Kennedy". Region Focus. Richmond, Virginia: Federal Reserve Bank of Richmond (Summer 2006): 49–51.
  11. ^ Humphrey, Thomas (Winter 1996). "The Early History of the Box Diagram". Economic Quarterly. 82 (1): 37–75. SSRN 2125906.
  12. ^ Humphrey, Thomas (2004). "Ricardo versus Wicksell on Job Losses and Technological Change" (PDF). Economic Quarterly. Fall 2004 (Fall): 5–24. Retrieved 10 June 2014.
  13. ^ Humphrey, Thomas M. Rival Notions of Money,Economic Review, 1988, issue Sep, pp. 3–9
  14. ^ "Economic Review". EconPapers. Federal Reserve Bank of Richmond. Retrieved 16 August 2014.
  15. ^ Humphrey, Thomas M. "Mercantilists and Capitalists: Insights from Doctrinal History". www.richmondfed.org. Federal Reserve Bank of Richmond. Retrieved 16 August 2014.
  16. ^ Humphrey, Thomas M. (1986). Essays on inflation (Fifth ed.). Richmond, Virginia: Federal Reserve Bank of Richmond. Retrieved 27 June 2014.
  17. ^ Cate, Thomas (1997). An Encyclopedia of Keynesian Economics. Cheltenham, UK: Edward Elgar Publishing, Ltd. pp. 95–98. ISBN 1-85898-145-X.
  18. ^ Humphrey, Thomas M. (2012). "Economic Thinking in a Age of Shared Prosperity, review of "Grand Pursuit: The Story of Economic Genius," by Sylvia Nasar" (PDF). Richmond Federal Reserve Region Focus. First Quarter: 38.
  19. ^ Humphrey, Thomas M. (2008). "Schumpeter, Joseph (1883–1950)". In Hamowy, Ronald (ed.). Schumpeter, Joseph (1893–1950). The Encyclopedia of Libertarianism. Thousand Oaks, CA: Sage; Cato Institute. pp. 452–45. doi:10.4135/9781412965811.n276. ISBN 978-1412965804. LCCN 2008009151. OCLC 750831024.
  20. ^ a b Blaug, Mark (2010). Famous Figures and Diagrams in Economics (Cased). Cheltenham, UK: Edward Elgar. pp. 29–37. ISBN 978-1-84844-160-6.
  21. ^ Laidler, David E. W. (1999). Fabricating the Keynesian revolution : studies of the inter-war literature on money, the cycle, and unemployment. Cambridge University Press. pp. 187, 228, 233, 350. ISBN 0521645964.
  22. ^ Bernanke, Benjamin (November 10, 2006). "Monetary Aggregates and Monetary Policy at the Federal Reserve: A Historical Perspective". Federal Reserve Bank. ECB Central Banking Conference. Retrieved 16 August 2014.
  23. ^ "FRASER | Discover Economic History | St. Louis Fed". fraser.stlouisfed.org. Retrieved 10 June 2019.
  24. ^ Humphrey, Thomas M.; Timberlake, Richard (January 19, 2010). "YouTube: The Federal Reserve and Lender of Last Resort Policy". www.youtube.com. Richmond, Virginia: University of Richmond. Retrieved 1 May 2016.
  25. ^ Humphrey, Thomas M. (2013). "Arresting financial crises: The fed versus the classicals". Working Paper, Levy Economics Institute 751. Bard College, Annandale on the Hudson, NY: Levy Economics Institute of Bard College. hdl:10419/79467.
  26. ^ "Monetary Theory and Policy from Hume and Smith to Wicksell: Money, Credit, and the Economy". eh.net. Retrieved 25 May 2020.
  27. ^ "Bob Keleher's market price approach to monetary policy". Alt-M. 6 June 2012. Retrieved 6 June 2019.
  28. ^ Money, exchange, and production : further essays in the history of economic thought. E. Elgar Pub. 1998. ISBN 1858986524.
  29. ^ Merriman, Ann Lloyd (October 25, 1998). "Between the Bookends:Thomas M. Humphrey". No. Sunday. Richmond, Virginia: Richmond Times-Dispatch. p. K5. ...his fourth book, Money, Exchange, and Production: Further Essays in the History of Economic Thought. Published by Edgar Elgar Publishing of Cheltenham in Great Britain and Edward Elgar Publishing of Northhampton, Massachusetts.
  30. ^ Crews, Ed (August 20, 1984). "Fed officer's book deals with causes, cures of inflation". Richmond, Virginia: Richmond News Leader. According to Dr. Humphrey, most current views of inflation were presented in the past. His essays [in the fourth edition] often refer to work done by 18th and 19th century English economists, such as Adam Smith, David Hume and David Ricardo
  31. ^ "Gold, the Real Bills Doctrine, and the Fed". Amazon. Cato Institute. Retrieved 6 June 2019.
  32. ^ "Policy Report: Landmark Breakthrough on the Great Depression". Cato Policy Report. Cato Institute. 3 June 2019. Retrieved 7 June 2019.

August 25, 2023
thomas, humphrey, thomas, macgillivray, humphrey, born, 1935, american, economist, until, 2005, research, advisor, senior, economist, research, department, federal, reserve, bank, richmond, editor, bank, flagship, publication, economic, quarterly, publications. Thomas MacGillivray Humphrey born 1935 is an American economist Until 2005 he was a research advisor and senior economist in the research department of the Federal Reserve Bank of Richmond and editor of the Bank s flagship publication the Economic Quarterly 1 His publications cover macroeconomics monetary economics and the history of economic thought 1 2 Mark Blaug called him the undisputed master of British classical monetary thought 3 Thomas M HumphreyThomas M Humphrey economistBorn1935 age 87 88 Louisville KentuckyNationalityAmericanOther namesThomas MacGillivray HumphreyEducationUniversity of Tennessee B S M S Tulane University Ph D Occupation s Economist author Federal Reserve Bank of RichmondYears activeuntil 2005 retired Known forHistory of monetary thoughtSpouseMitzi Greene Humphrey married June 1957 present Contents 1 Writing and research 2 Books 3 See also 4 ReferencesWriting and research EditHumphrey has written books and journal articles on monetary policy history 4 5 He is the author of articles published in journals such as the Cato Journal 6 7 HOPE History of Political Economy 8 Southern Economics Journal 9 and Econ Focus formerly Region Focus 10 He wrote over 70 articles published in the journals of the Richmond Federal Reserve 11 12 Articles by Humphrey such as Rival Notions of Money 13 may be freely accessed and downloaded at the Federal Reserve Bank of Richmond s website Humphrey was an editor of the Federal Reserve of Richmond Economic Quarterly previously known as the Economic Review and before that as the Monthly Review 14 In 1998 his annual report for the Federal Reserve Bank of Richmond was Mercantilists and Classicals Insights from Doctrinal History 15 His first four books on the history of monetary thought were The Monetary Approach to the Balance of Payments Exchange Rates and World Inflation co author Robert Keleher Money Banking and Inflation Essays in the History of Monetary Thought Money Exchange and Production Further Essays in the History of Economic Thought and Essays on Inflation 16 Charles R McCann Jr stated in reference to Humphrey s book Money Banking and Inflation Essays in the History of Monetary Thought that monetary economists looking for an accessible introduction to their discipline s past will find few better starting points than this volume 2 registration required In 2019 The Cato Institute published his fifth book Gold the Real Bills Doctrine and the Fed Sources of Monetary Disorder 1922 1938 a collaboration between Humphrey and his co author Richard H Timberlake His writing on the history of economic thought was included in the first edition to the New Palgrave and in the later An Encyclopedia of Keynesian Economics 17 to which he contributed an article on the Chicago School of Economics and also in festschriften book reviews 18 textbooks annual reports and anthologies 19 For Famous Figures in Diagrams and Economics 20 by Mark Blaug and Peter Lloyd Humphrey wrote the first chapter Marshallian Cross Diagrams and Chapter 55 Intertemporal utility maximization the Fisher diagram 20 Humphrey s works on monetary theory are cited in David Laidler s book Fabricating the Keynesian Revolution Studies of the Inter War Literature on Money the Cycle and Unemployment 21 In 2006 Federal Reserve Chairman Ben S Bernanke at the Fourth ECB Central Banking Conference Frankfurt Germany cited Humphrey s article on the real bills doctrine 22 23 In 2008 Humphrey gave the Fourth Annual Ranlett Lecture in Economics at California State University Sacramento entitled Lender of Last Resort The Concept in History In 2009 Humphrey participated in the Adam Smith Program Jepson School of Leadership Studies at the University of Richmond where he presented The Fed s Deviation from Classical Thornton Bagehot Lender of Last Resort Policy a paper co authored with Richard Timberlake 24 At the 2010 Annual Meeting of the American Economics Association AEA in Atlanta Georgia his subject was The Lender of Last Resort in the History of Economic Thought In February 2013 he wrote Working Paper No 751 Arresting Financial Crises The Fed Versus the Classicals 25 for the Levy Economics Institute of Bard College an essay which was subsequently presented at the 2013 Annual Meeting in Philadelphia of the American Economics Association He wrote reviews of books by other writers on economic subjects such as Sylvia Nasar Arie Arnon 26 and Robert W Dimand s Irving Fisher Great Thinkers in Economics Books EditThe Monetary Approach to the Balance of Payments Exchange Rates and World Inflation co author Robert Keleher ISBN 9780030559563 27 Money Banking and Inflation Essays in the History of Monetary Thought ISBN 9781852789411 Money Exchange and Production Further Essays in the History of Economic Thought ISBN 1858986524 28 29 Essays on Inflation ISBN 0894990888 30 Gold the Real Bills Doctrine and the Fed Sources of Monetary Disorder 1922 1938 co author Richard H Timberlake ISBN 9781948647557 31 32 See also EditList of economists List of Tulane University peopleReferences Edit a b Al Broaddus amp Tom Humphrey PDF Region Focus Fall 2004 30 34 Retrieved 18 August 2014 a b McCann Jr Charles R Winter 1996 Economic Thought since Keynes A History and Dictionary of Major Economists History of Political Economy 28 4 710 712 doi 10 1215 00182702 28 4 710 Blaug Mark 1995 The Quantity Theory of Money From Locke to Keynes to Friedman Brookfield VT Edward Elgar p 45 Federal Reserve Richmond FRD Richmond Federal Reserve of Richmond Retrieved 10 June 2014 Humphrey Thomas M Fed in Print www fedinprint org Retrieved 23 May 2019 Humphrey Thomas Lender of Last Resort PDF Cato Journal Cato Institute Retrieved 10 June 2014 Timberlake Richard H Jr September 25 Thomas Humphrey This article appeared on Cato org on 25 September 2008 A Stable Price Level Standard for Federal Reserve Monetary Policy Cato Institute Retrieved 5 June 2019 History of Political Economy hope dukejournals org Duke University Press Retrieved 16 August 2014 Southern Economics Journal 41 July 1974 58 Humphrey Thomas M Book Review The Real Adam Smith by Gavin Kennedy Region Focus Richmond Virginia Federal Reserve Bank of Richmond Summer 2006 49 51 Humphrey Thomas Winter 1996 The Early History of the Box Diagram Economic Quarterly 82 1 37 75 SSRN 2125906 Humphrey Thomas 2004 Ricardo versus Wicksell on Job Losses and Technological Change PDF Economic Quarterly Fall 2004 Fall 5 24 Retrieved 10 June 2014 Humphrey Thomas M Rival Notions of Money Economic Review 1988 issue Sep pp 3 9 Economic Review EconPapers Federal Reserve Bank of Richmond Retrieved 16 August 2014 Humphrey Thomas M Mercantilists and Capitalists Insights from Doctrinal History www richmondfed org Federal Reserve Bank of Richmond Retrieved 16 August 2014 Humphrey Thomas M 1986 Essays on inflation Fifth ed Richmond Virginia Federal Reserve Bank of Richmond Retrieved 27 June 2014 Cate Thomas 1997 An Encyclopedia of Keynesian Economics Cheltenham UK Edward Elgar Publishing Ltd pp 95 98 ISBN 1 85898 145 X Humphrey Thomas M 2012 Economic Thinking in a Age of Shared Prosperity review of Grand Pursuit The Story of Economic Genius by Sylvia Nasar PDF Richmond Federal Reserve Region Focus First Quarter 38 Humphrey Thomas M 2008 Schumpeter Joseph 1883 1950 In Hamowy Ronald ed Schumpeter Joseph 1893 1950 The Encyclopedia of Libertarianism Thousand Oaks CA Sage Cato Institute pp 452 45 doi 10 4135 9781412965811 n276 ISBN 978 1412965804 LCCN 2008009151 OCLC 750831024 a b Blaug Mark 2010 Famous Figures and Diagrams in Economics Cased Cheltenham UK Edward Elgar pp 29 37 ISBN 978 1 84844 160 6 Laidler David E W 1999 Fabricating the Keynesian revolution studies of the inter war literature on money the cycle and unemployment Cambridge University Press pp 187 228 233 350 ISBN 0521645964 Bernanke Benjamin November 10 2006 Monetary Aggregates and Monetary Policy at the Federal Reserve A Historical Perspective Federal Reserve Bank ECB Central Banking Conference Retrieved 16 August 2014 FRASER Discover Economic History St Louis Fed fraser stlouisfed org Retrieved 10 June 2019 Humphrey Thomas M Timberlake Richard January 19 2010 YouTube The Federal Reserve and Lender of Last Resort Policy www youtube com Richmond Virginia University of Richmond Retrieved 1 May 2016 Humphrey Thomas M 2013 Arresting financial crises The fed versus the classicals Working Paper Levy Economics Institute 751 Bard College Annandale on the Hudson NY Levy Economics Institute of Bard College hdl 10419 79467 Monetary Theory and Policy from Hume and Smith to Wicksell Money Credit and the Economy eh net Retrieved 25 May 2020 Bob Keleher s market price approach to monetary policy Alt M 6 June 2012 Retrieved 6 June 2019 Money exchange and production further essays in the history of economic thought E Elgar Pub 1998 ISBN 1858986524 Merriman Ann Lloyd October 25 1998 Between the Bookends Thomas M Humphrey No Sunday Richmond Virginia Richmond Times Dispatch p K5 his fourth book Money Exchange and Production Further Essays in the History of Economic Thought Published by Edgar Elgar Publishing of Cheltenham in Great Britain and Edward Elgar Publishing of Northhampton Massachusetts Crews Ed August 20 1984 Fed officer s book deals with causes cures of inflation Richmond Virginia Richmond News Leader According to Dr Humphrey most current views of inflation were presented in the past His essays in the fourth edition often refer to work done by 18th and 19th century English economists such as Adam Smith David Hume and David Ricardo Gold the Real Bills Doctrine and the Fed Amazon Cato Institute Retrieved 6 June 2019 Policy Report Landmark Breakthrough on the Great Depression Cato Policy Report Cato Institute 3 June 2019 Retrieved 7 June 2019 Retrieved from https en wikipedia org w index php title Thomas M Humphrey amp oldid 1172084700, wikipedia, wiki, book, books, library,

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