貨幣経済学と貨幣数量説

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書誌事項

タイトル別名
  • Monetary Economics and the Quantity Theory of Money
  • カヘイ ケイザイガク ト カヘイ スウリョウセツ

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説明

In the history of monetary economics, money has been assumed to affect an economy through two channels. First, money influences real variables such as output and employment. Second, money affects prices. J. M. Keynes and J. Steuart are among those economists who propound the former point of view, whereas quantity theorists maintain the latter. The key proposition in the quantity theory of money is the neutrality of money. According to this theory, it is only the level of prices, and not the level of real variables, that is affected by a change in money supply. However, quite a few quantity theorists propose a theory suggesting a relationship between money and real variables as well, albeit in the short run. They maintain that a change in money supply stimulates real output or employment in the short run, owing to sticky prices (or sticky nominal wages) or money illusion. In other words, these theorists hold the long-run theorem about neutral money as a core proposition, while maintaining the short-run theory about the real effects of money as an auxiliary theory. Thus, monetary economics spans a wide range from Keynes, who denies the quantity theory and accepts the real effects of money on output, to Ricardo, who insists on a strict quantity theory of money without scope for the short-run real effects. Most quantity theorists, including D. Hume, H. Thornton, and I. Fisher, support both the long-run neutral-money theory as well as the short-run real-effects theory, thus occupying an intermediate position. In addition to the exogenous theory discussed above, there also exists an endogenous theory of money.

収録刊行物

  • 経済志林

    経済志林 74 (1･2), 109-121, 2006-08-28

    法政大学経済学部学会

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