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Chapter 8: The Theory of Money Emissions
Sergio Rossi* Introduction The theory of money emissions is a paradigm of monetary macroeconomics that in the late 1950s emerged in France (Dijon) and Switzerland (Fribourg) under the lead of Bernard Schmitt, who gave rise to the École de Dijon et Fribourg, later on also labelled as the ‘quantum theory’ of money and production.1 Today, its most prominent scholars, besides Schmitt himself, are Alvaro Cencini and Claude Gnos. This school of economic thought inspired the French–Italian theory of the monetary circuit – now also known as monetary theory of production – which was born in France in the 1960s and has since spread out to Canada. Indeed, the founding fathers of the monetary circuit approach recognized, in their early writings on this subject matter, that their research work had been inspired by Schmitt’s (see Parguez, 1975; Graziani, 1990). Graziani (1994, p. 13, our translation) goes so far as to acknowledge that Schmitt ‘is the author who has developed most rigorously both the theoretical and the terminological principles of the doctrine of the circuit, and has adhered to them with steadfast consistency’.2 Also, Le Bourva (1962) – who is often referred to as the forerunner of the modern theory of the monetary circuit in the French speaking domain, or even as a forerunner of the post-Keynesian theory of endogenous money à la Kaldor–Moore (Lavoie, 1992, p. 436) – explicitly refers to Schmitt (1960) when he adopts the terminology introduced by the latter author to express the monetary circuit in a wage (or entrepreneur) economy,...
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