时间和货币-加理森

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1、OnestudentatLSEinthe1930srecallsthe"three-dimensionaldiagramswithwhichHayekpresentedhisideasandwhichmadethemseemlikesomethinginthefieldofengineering."F.A.HAYEKAnotherLSEstudentnotedthatHayekwore"athicktweedsuitwithawaistcoatandhigh-cutjacket."Shenicknamedhim'Mr.Fluctooations'asheso

2、oftenusedthatwordandpronounceditinthatway.“-fromAlanEbenstein’sFriedrichA.Hayek:ABiographySustainableandUnsustainableGrowthAnApplicationofCapital-BasedMacroeconomicsBasedontheTheoryoftheBusinessCyclesetoutbyLudwigvonMisesandF.A.HayekTableofContentsTimeandMoneyPartI:TheElementsofCap

3、ital-BasedMacroeconomicsPartII:IntegratingtheElementsPartIII:SavingasaBasisforSustainableGrowthPartIV:LegislatingLowInterestRatesPartV:ManipulatingInterestRateswithMoneyPartVI.LettingtheEconomyGrowGoToGoToGoToGoToGoToGoToGoTotheoriginalversionofthisshow,whichwascreatedin1999.TheEle

4、mentsofCapital-BasedMacroeconomicsPARTIGoTo:TableofContentsTheMarketforLoanableFunds“Loanablefunds”isthegenerictermthatrefersbothtolending(whichconstitutesthesupplysideofthemarket)andtoborrowing(whichconstitutesthedemandside).Eachsideofthemarketforloanablefundsisgovernedbytherateof

5、interest.Saving,broadlyconceived,underliesthesupplyofloanablefunds.TheMarketforLoanableFundsBorrowingbythebusinesscommunityconstitutesthedemand.“Loanablefunds”isthegenerictermthatrefersbothtolending(whichconstitutesthesupplysideofthemarket)andtoborrowing(whichconstitutesthedemandsi

6、de).Eachsideofthemarketforloanablefundsisgovernedbytherateofinterest.Saving,broadlyconceived,underliesthesupplyofloanablefunds.TheMarketforLoanableFundsBorrowingbythebusinesscommunityconstitutesthedemand.AsrecognizedbybothEugenvonBohm-BawerkandJohnMaynardKeynes,thismarketisbetterth

7、oughtofasthemarketforinvestableresources.Itkeepsthemacroeconomicallyrelevantmagnitudesofsaving(S)andinvestment(I)inbalance.Thequantityaxismeasuressaving(andinvestment)astheamountofoutputproducedinagivenperiodandmadeavailablefor(andactuallyusedfor)theexpansionoftheeconomy’sproductiv

8、ecapacity.“Loanablefunds”i