Economics ETDs

Publication Date



This thesis sets out to establish the origin of the controversy that exists with respect to the channel(s) through which monetary phenomena influence economic activity. As a result of the analysis contained in Chapter One, the origin is fixed in the 1930's and identified with the emergence of two schools of thought: Price theoretic Behaviorism and Nominalism. The behaviorists of this period argued that changes in the quantity of money affect economic activity directly as a result of the portfolio adjustments of individuals. Nominalists, on the other hand, maintained that money has meaning only in tic context of society. The institution of money is important. not its quantity.

Degree Name


Level of Degree


Department Name

Department of Economics

First Committee Member (Chair)

Pam Chung

Second Committee Member

T. Norman Van Colt

Third Committee Member

Gerald Joseph Boyle

Document Type


Included in

Economics Commons