01. května 2012 00:50:49 | reagovat
ivansml
historicka aplikace?
re: recesia 1920 - 1921:A series of recent reviews of the depression of 1920–1921 by Austrian School and libertarian economists have argued that the downturn demonstrates the poverty of Keynesian policy recommendations. However, these writers misrepresent important characteristics of the 1920–1921 downturn, understating the actions of the Federal Reserve and overestimating the relevance of the Harding administration’s fiscal policy. They also engage a caricatured version of Keynesian theory and policy, which ignores Keynes’s views on the efficacy of nominal wage reductions and the preconditions for monetary and fiscal intervention. This paper argues that the government’s response to the 1920–1921 depression was consistent with Keynesian recommendations. It offers suggestions for when Austrian School and Keynesian economics share common ground and argues that the two schools come into conflict primarily in downturns where nominal interest rates are low and demand is depressed. Neither of these conditions held true in the 1920–1921 depression.
http://www.springerlink.com/content/5683j4v650187261/ (volnu verziu som nenasiel)
V skratke:
- restriktivna fiskalna a monetarna politika zacali este pred nastupom Hardinga a v skutocnosti boli pricinou recesie, nie uzdravenia
- ich cielom bolo zredukovanie povojnovej inflacie, co nemusi byt nutne v rozpore s keynesianskymi nazormi
re: velka depresia
Tvrdenie ze mierny a ustaleny narast penaznej zasoby pocas desatrocia zapricinil misalokacie v rozahu velkej depresie je bez dalsich argumentov absurdne. Standardna odpoved (Friedman & Schwartz) na pricinu tak velkeho prepadu je prave naopak to ze Fed kvoli fixacii na zlaty standard nerobil nic, pozeral sa ako krachuju banky a nechal penaznu zasobu klesnut, co sposobilo deflaciu a z recesie sa stala depresia. Akonahle nastupil FDR a USA zrusili zlaty standard, ekonomika isla zase hore. Nejake debaty o tom do akej miery bol Hoover pro- alebo protitrhovy su v tomto ohlade vcelku irelevantne.