货币主义

货币主义（英语：Monetarism），又称重货币学派、货币学派，是1960年代形成的经济学流派，以挑战凯恩斯主义的面貌出现。其领袖人物为米尔顿·傅利曼，他在1976年10月获得诺贝尔经济学奖。货币经济学认为货币的供应量在短期内对国家的产出、在长期上对物价水准都有巨大的影响。这种货币政策的目标是透过增加货币的供应量来实行。

货币主义的核心命题是：在经济活动中，货币扮演着最重要的角色，通货膨胀的原因就是发行过多货币。政府的角色是通过中央银行，调控在经济体中流通的货币数量，除此之外，不需要干预经济活动。

理论

货币主义源起于米尔顿·傅利曼与安娜·施瓦茨合著的《美国货币史》，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采用的凯因斯主义和约翰·梅纳德·凯因斯基于政府干预的理论。他长期批评美国联邦准备理事会在货币政策，认为美联储的货币紧缩政策是大萧条的主要原因，而发行过多货币造成了70年代的通货膨胀。弗里德曼赞成中央银行透过统计国家生产力的状况和需求，来订定让货币供需平衡的货币政策。

米尔顿·傅利曼认为：“通货膨胀在任何时间、任何地点都是因为发行过多货币。”所谓“结构性通胀”、“输入型通胀”都是无稽之谈。中央银行的货币发行过多则造成通货膨胀，过少则造成通货紧缩。货币主义认为，在短期，货币供给的变动虽然能够影响实际经济状况，例如就业；但在长期，它能影响到的只有通货膨胀。主张货币发行量的成长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。

历史

货币主义在提出之初并不受重视，直到撒切尔夫人在英国采用货币主义政策，使英国经济成功复苏，货币主义政策开始受到各国重视，使得各国中央银行政策逐渐偏向货币主义，取代凯恩斯主义的地位。

延伸阅读

Andersen, Leonall C., and Jerry L. Jordan, 1968. "Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilisation", Federal Reserve Bank of St. Louis Review (November), pp. 11–24. PDF (30 sec. load: press +) and HTML.^{[失效链接]}
_____, 1969. "Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilisation — Reply", Federal Reserve Bank of St. Louis Review (April), pp. 12–16. PDF (15 sec. load; press +) and HTML.^{[失效链接]}
Brunner, Karl, and Allan H. Meltzer, 1993. Money and the Economy: Issues in Monetary Analysis, Cambridge. Description and chapter previews, pp. ix –x.
Cagan, Phillip, 1965. Determinants and Effects of Changes in the Stock of Money, 1875–1960. NBER. Foreword by Milton Friedman, pp. xiii–xxviii. Table of Contents.
Friedman, Milton, ed. 1956. Studies in the Quantity Theory of Money, Chicago. Chapter 1 is previewed at Friedman, 2005, ch. 2 link.
_____, 1960. A Program for Monetary Stability. Fordham University Press.
_____, 1968. "The Role of Monetary Policy", American Economic Review, 58(1), pp. 1–17 (press +).
_____, [1969] 2005. The Optimum Quantity of Money. Description and table of contents , with previews of 3 chapters.
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.
Friedman, Milton, and Anna Jacobson Schwartz, 1963a. "Money and Business Cycles", Review of Economics and Statistics, 45(1), Part 2, Supplement, p. p. 32–64. Reprinted in Schwartz, 1987, Money in Historical Perspective, ch. 2.
_____. 1963b. A Monetary History of the United States, 1867–1960. Princeton. Page-searchable links to chapters on 1929-41 and 1948–60
Johnson, Harry G., 1971. "The Keynesian Revolutions and the Monetarist Counter-Revolution", American Economic Review, 61(2), p. p. 1–14. Reprinted in John Cunningham Wood and Ronald N. Woods, ed., 1990, Milton Friedman: Critical Assessments, v. 2, p. p. 72 – 88. Routledge,
Laidler, David E.W., 1993. The Demand for Money: Theories, Evidence, and Problems, 4th ed. Description.
Schwartz, Anna J., 1987. Money in Historical Perspective, University of Chicago Press. Description and Chapter-preview links, pp. vii -viii.
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.

参见

货币主义的价格理论