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    题名: Legal restrictions and sunspots: A further inquiry on the real-bills doctrine versus the quantity theory debate
    作者: Chuang, Shi-feng;Huo, Teh-ming
    贡献者: 淡江大學經濟學系
    日期: 2004-09-01
    上传时间: 2009-09-23 17:14:35 (UTC+8)
    出版者: Elsevier
    摘要: This paper argues that economic fluctuations before the Peel’s Bank Act were caused by extrinsic random events relating to possible suspension of convertibility of the Bank of England. We show that there are economies in which (i) sunspot equilibria exist in the absence of the legal restrictions espoused by the quantity theory; (ii) the restrictions can be used to eliminate those equilibria; (iii) the proposals of the real-bills doctrine improve the outcomes of the quantity theory restrictions as well as free banking; and (iv) the welfare improvement of the real-bills regime can be accomplished only with the legal restrictions imposed.
    關聯: Journal of macroeconomics 26(3), pp.431-442
    DOI: 10.1016/j.jmacro.2003.02.003
    显示于类别:[經濟學系暨研究所] 期刊論文


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