清算主義とオーストリア景気循環論
●Lawrence H. White, “Did Hayek and Robbins Deepen the Great Depression?（pdf）”
In allowing the contraction of nominal income (MV) to proceed without offsetting monetary countermeasures in the 1930-33 period, American policymakers were not acting on the advice of F. A. Hayek and Lionel Robbins, but on the advice of Federal Reserve officials who subscribed to versions of the real bills doctrine. There is no evidence that Hoover administration or Federal Reserve officials were reading Hayek or Robbins in the early 1930s. Hayek’s monetary policy norm in fact called for the stabilization of nominal income (MV), and thus for central bank action to prevent its contraction. Hayek and Robbins themselves, however, did not call for policy to stabilize nominal income at the time. Hayek thought, based on ad hoc (“political”) reasoning and contrary to his own theoretical norm, that a brief deflation might have a salutary effect on recovery by restoring flexibility to wages. Robbins spurned anti-deflationary monetary expansion on the grounds that excessive financial ease had led to false prosperity and its collapse in the first place. Both later regretted their mistake in not promptly recognizing the need to prevent the damage done by the contraction of money and nominal income.（pp.29-30）
韓リフ先生のブログ経由。今ちょっと時間に余裕がないんであとで時間見つけてじっくりと目を通してみたいと思ふ。
関連論文のリンク。「清算主義とオーストリア景気循環論との関係」についてのものではないけれど。
＊真正手形学説（リアル・ビルズ・ドクトリン）
●Thomas M. Humphrey, “The Real Bills Doctrine（pdf）”（Federal Reserve Bank of Richmond Economic Review 68, September/October 1982, pp.3-13）
●Richard H. Timberlake, “Gold Standards and the Real Bills Doctrine in U.S. Monetary Policy（pdf）”（Econ Journal Watch, Vol.2(2), August 2005, pp.196-233）
Humphrey論文は「真正手形学説」に対する非常に優れた批判。Timberlake論文はまだちゃんと読んでない。
Timberlakeはサブプライム危機に関して最近Catoで論文書いてたな。ついでにリンク貼っておこう。
●Richard H. Timberlake, “The Federal Reserve’s Role in the Great Contraction and the Subprime Crisis（pdf）”（Cato Journal, Vol.28(2), Spring/Summer 2008）
＊benign deflation
●George Selgin, “The Price is Right”（National Review Magazine, March 3, 1998）
Selginの議論に関してはBeckworth氏のブログも参照のこと（関連エントリーは「Malign vs Benign Deflation」欄にまとめられている）。
●David Beckworth, “A Brief Look at the Productivity Norm Rule”（Macro and Other Market Musings, September 23, 2007）
