haku: @indexterm MONETARY THEORY / yhteensä: 83
viite: 18 / 83
| Tekijä: | White, L. |
| Otsikko: | Hayek's monetary theory and policy: a critical reconstruction |
| Lehti: | Journal of Money, Credit and Banking
1999 : FEB, VOL. 31:1, p. 109-120 |
| Asiasana: | MONETARY THEORY POLICY BANKING |
| Kieli: | eng |
| Tiivistelmä: | Hayek's critique of price-level stabilization was based on the claim that only a constant money stock, (M), or constant volume of nominal spending, (MV), allows intertemporal price equilibrium. The claim is not generally correct. Hayek's case (in principle) for constant MV and his critique of the automatic gold standard for not delivering it are thus uncompelling. The injection effects of his business cycle theory provided an alternative basis for his prescription. |
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