货币主义
(重定向自貨幣主義)
貨幣主義(英語:Monetarism),又稱重貨幣學派、貨幣學派,是1960年代形成的經濟學流派,以挑战凱恩斯主义的面貌出现。其領袖人物為米爾頓·傅利曼,他在1976年10月獲得諾貝爾經濟學獎。货币经济学认为货币的供應量在短期内对国家的产出、在长期上對物價水準都有巨大的影响。这种货币政策的目标是透过增加货币的供应量来实行。
貨幣主義的核心命题是:在經濟活動中,貨幣扮演着最重要的角色,通货膨胀的原因就是發行過多货币。政府的角色是透過中央銀行,調控在經濟體中流通的貨幣數量,除此之外,不需要干預經濟活動。
理論
貨幣主義源起於米爾頓·傅利曼與安娜·施瓦茨合著的《美國貨幣史》,并指出“通货膨胀永远是无处不在的货币现象。”他批评美国政府当时採用的凱因斯主義和約翰·梅納德·凱因斯基于政府干预的理论。他长期批评美國聯邦準備理事會在货币政策,认为美联储的货币紧缩政策是大萧条的主要原因,而發行過多货币造成了70年代的通貨膨胀。弗里德曼贊成中央银行透过统计國家生产力的狀況和需求,来訂定讓货币供需平衡的货币政策。
米爾頓·傅利曼認為:「通貨膨脹在任何時間、任何地點都是因为發行過多貨幣。」所谓“结构性通胀”、“输入型通胀”都是无稽之谈。中央銀行的貨幣发行过多则造成通货膨胀,过少則造成通货紧缩。貨幣主義認為,在短期,貨幣供給的變動雖然能夠影響實際經濟狀況,例如就業;但在長期,它能影響到的只有通貨膨脹。主张货币发行量的成長率要保持一个固定的速度,让经济中的个体对通货膨胀有完全的预期能力,这种货币机制被称为弗里德曼规则。
歷史
貨幣主義在提出之初並不受重視,直到柴契爾夫人在英國採用貨幣主義政策,使英國經濟成功復甦,貨幣主義政策開始受到各國重視,使得各國中央銀行政策逐漸偏向貨幣主義,取代凱恩斯主義的地位。
延伸阅读
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- Friedman, Milton, and David Meiselman, 1963. "The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897–1958", in Stabilization Policies, pp. 165–268. Prentice-Hall/Commission on Money and Credit, 1963.
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- Laidler, David E.W., 1993. The Demand for Money: Theories, Evidence, and Problems, 4th ed. Description. (页面存档备份,存于互联网档案馆)
- Schwartz, Anna J., 1987. Money in Historical Perspective, University of Chicago Press. Description (页面存档备份,存于互联网档案馆) and Chapter-preview links, pp. vii (页面存档备份,存于互联网档案馆)-viii. (页面存档备份,存于互联网档案馆)
- Warburton, Clark, 1966. Depression, Inflation, and Monetary Policy; Selected Papers, 1945–1953 Johns Hopkins Press. Amazon Summary in Anna J. Schwartz, Money in Historical Perspective, 1987.