Let’s compare Stephen Williamson’s account of “New Monetarism” with Hayek’s account of the expansion and contraction of the supply of various types of monies, near monies, shadow monies, and money-substitute assets of changing liquidity.
Here’s Williamson:
Veja também:
George Selgin
Ben Bernanke
Here’s Williamson:
A New Monetarist thinks that, under current circumstances (a large stock of excess reserves, and the interest rate on reserves – IROR – determining short nominal rates) the inflation rate is determined by the demand for and supply of the whole gamut of intermediated liquid assets – including Treasury debt of all maturities and asset-backed securities.Here’s Hayek:
“There can be no doubt that besides the regular types of the circulating medium, such as coin, notes and bank deposits, which are generally recognised to be money or currency, and the quantity of which is regulated by some central authority or can at least be imagined to be so regulated, there exist still other forms of media of exchange which occasionally or permanently do the service of money. Now while for certain practical purposes we are accustomed to distinguish these forms of media of exchange from money proper as being mere substitutes for money, it is clear that, other things equal, any increase or decrease of these money substitutes will have exactly the same effects as an increase or decrease of the quantity of money proper, and should therefore, for the purposes of theoretical analysis, be counted as money … “Mais
Veja também:
George Selgin
Ben Bernanke
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