Hayek's Monetary Theory and Policy: A Critical Reconstruction
AbstractFriedrich A. Hayek's critique of price level stabilization was based on the theoretical 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 a sounder basis for his prescription. In the 1970s, Hayek switched to endorsing price-level stabilization. In doing so he was logically compelled to repudiate his business cycle theory.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 31 (1999)
Issue (Month): 1 (February)
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- De Pablo, cuasimonedas y Hayek: una aclaracion
by Nicolas Cachanosky in Punto de Vista Economico on 2012-05-21 03:10:24
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