The Lessons of the Currency School-banking School Dispute for the Present Post-crisis Economy

The conduct of monetary policy and its results are essential for the post-crisis economy. History shows that monetary policy mistakes are not unusual and problems may arise from misunderstandings and lack of control over the impact of monetary authorities' actions. Also, there is no consensus from either academic or professional point of views over the origins of crises and how they should be avoided or dealed with. The aim of this paper is to identify the first controversies over money, monetary rules and financial crises, and demonstrate they haven't changed much since they were publicly debated in the 19th century.