Séminaire COURNOT – Lucy Brillant (Université de Bourgogne, LEDi)
De 14:00 à 15:30
Détails de l'événement :
Walter Bagehot, creator of the modern Treasury bill (1877)
Historians of economic thought have generally described Walter Bagehot as a scarcely original economist. This is tied to his refusal to adopt normative reasoning, which was deeply rooted into his evolutionary approach. This paper focuses on Bagehot’s views on the interactions between monetary and fiscal policy, which allows putting his thought in perspective beyond the narrow question of lending of last resort. We show that his vision revolved around his original notion of liquidity, which cannot be found in his predecessors. Bagehot’s views were highly influential, as they led to the modernization of government borrowing in the UK through the creation of the modern Treasury bill.
Link to the seminar webpage: https://beta-economics.fr/seminaire s-cournot-2023-2024/