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Hayek's Monetary Theory and Policy: A Critical Reconstruction
Ist Teil von
Journal of money, credit and banking, 1999-02, Vol.31 (1), p.109-120
Ort / Verlag
Columbus: Ohio State University Press
Erscheinungsjahr
1999
Link zum Volltext
Quelle
Alma/SFX Local Collection
Beschreibungen/Notizen
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. In the 1970s Hayek switched to endorsing price-level stabilization. In doing so he was logically compelled to repudiate his business cycle theory.