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，以挑戰凱恩斯主義的面貌出現。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。貨幣經濟學認為貨幣的供應量在短期內對國家的產出、在長期上對物價水準都有巨大的影響。這種貨幣政策的目標是透過增加貨幣的供應量來實行。

貨幣主義的核心命題是：在經濟活動中，貨幣扮演著最重要的角色，通貨膨脹的原因就是發行過多貨幣。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》，並指出「通貨膨脹永遠是無處不在的貨幣現象。」他批評美國政府當時採用的凱因斯主義和約翰·梅納德·凱因斯基於政府干預的理論。他長期批評美國聯邦準備理事會在貨幣政策，認為美聯儲的貨幣緊縮政策是大蕭條的主要原因，而發行過多貨幣造成了70年代的通貨膨脹。弗里德曼贊成中央銀行透過統計國家生產力的狀況和需求，來訂定讓貨幣供需平衡的貨幣政策。

米爾頓·傅利曼認為：「通貨膨脹在任何時間、任何地點都是因為發行過多貨幣。」所謂「結構性通脹」、「輸入型通脹」都是無稽之談。中央銀行的貨幣發行過多則造成通貨膨脹，過少則造成通貨緊縮。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。主張貨幣發行量的成長率要保持一個固定的速度，讓經濟中的個體對通貨膨脹有完全的預期能力，這種貨幣機制被稱為弗里德曼規則。

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。

延伸閱讀

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.^{[失效連結]}
_____, 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.^{[失效連結]}
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.

參見

貨幣主義的價格理論