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Beiträge zur Geldtheorie
1933
by
Hayek and Fanno
Friedrich A. Hayek
Economic History
Gunnar Myrdal
Knut Wicksell
Monetary Theory
Money Market
Neutral Money
Velocity of Circulation
Balance of Payments
Discount Rate
Open Market Operations
Business Cycles
Monetary Equilibrium
Capital Theory
Interest Rates
Price Theory
Eugen von Bohm-Bawerk
Fixed Capital
Irving Fisher
Marginal Utility
Banking
Banknotes
Credit Expansion
Free Banking
Gold Standard
Arthur Cecil Pigou
Alfred Marshall
Austrian School
Price Level
Profit and Loss
Expectations
Speculation
Quantity Theory of Money
Vilfredo Pareto
Equilibrium
John Maynard Keynes
Bank of England
Federal Reserve
Saving
Central Banking
Gustav Cassel
Capital Movements
Classical Economics
David Ricardo
Fiat Money
Gold Reserves
Jacob Viner
John Stuart Mill
Comparative Advantage
Protectionism
Joseph Schumpeter
Liquidity
Ludwig von Mises
Forced Saving
Hoarding
Carl Menger
Legal Tender
Purchasing Power
Money Supply
Uncertainty
Karl Marx
Marxism
Rudolf Hilferding
Agriculture
Division of Labor
Depreciation
Innovation
Stock Exchange
Deflation
Inflation
Business Cycle Theory
Unemployment
Mercantilism
National Income
Stabilization
Adam Smith
Richard Cantillon
Walter Bagehot
Werner Sombart
William Petty
Fritz Machlup
Monetary Policy
Natural Rate of Interest
Laissez-faire
Liberalism
Georg Friedrich Knapp
Friedrich von Wieser
Say's Law
Banking School
Wilhelm Ropke
Gottfried Haberler
Real Income
Price Mechanism
Elasticity of Demand
Ragnar Frisch
Effective Demand
Mathematical Economics
Infrastructure
Wages
Economic Calculation
Wage Rigidity
Capital Accumulation
Time Preference
Economic Development
Hjalmar Schacht
Investment
Methodology
Empiricism
Institutionalism
Underconsumption
Leon Walras
Bimetallism
Economic Goods
Utilitarianism
Price Formation
Roundabout Production
Capital Intensity
Productivity
Stationary Economy
Capital Consumption
Labor Market
Monopoly
Boom and Bust
Exchange Rates
Political Economy
Competition
Epistemology
Rationality
Price Controls
Monetary Reform
Table of Contents · 165 segments
1
Modern Reprint Front Matter and Copyright
bibliography
2
Original 1933 Title Page and Rights Notice
bibliography
3
Hayek's Preface to Beiträge zur Geldtheorie
essay
4
Book Table of Contents
bibliography
5
Fanno Essay Title Page and Detailed Contents
essay
6
Fanno's Introduction to the Pure Theory of the Money Market
theoretical
7
Chapter 1 Opening: Banks, Media of Circulation, and Loans
chapter
8
Money Loans and Natural Loans in a Monetary Economy
theoretical
9
Banking System, Circulation Media, and Credit Creation
theoretical
10
Gold, Notes, Deposits, and Reserve Coefficients
theoretical
11
Effects of Changes in Gold, Multipliers, and Payment Habits
theoretical
12
Covered and Uncovered Circulation and the Components of Bank Credit
theoretical
13
Chapter Two: The Demand for Bank Loans
chapter
14
Equilibrium Loan Demand, Prices, and the Discount Rate
theoretical
15
Active Loan Demand During Anticipated Transitions
theoretical
16
Temporary Monetary Disturbances and Provisional Price Equilibria
theoretical
17
Components of Loan Demand: Producers, Merchants, and Commodity Speculators
theoretical
18
Loan Demand Categories in Stable and Transitional Goods-Market Equilibrium
theoretical
19
Algebraic Formulation of Goods-Market Circulating-Media Needs
theoretical
20
Temporary Monetary Disturbances and Goods-Price Fluctuations
theoretical
21
Securities-Market Speculation as a Permanent Source of Loan Demand
theoretical
22
Equilibrium, Disturbances, and Algebraic Expressions for Securities-Market Loan Demand
theoretical
23
Total Loan Demand and the Stabilizing Role of the Securities Market
theoretical
24
Chapter 3: The Supply of Bank Loans—Normal and Current Supply
chapter
25
Discount Rate, Deposit Rates, and Reserve-Coefficient Limits
theoretical
26
Effects of Bank Securities Transactions on Loan Supply and Credit Volume
theoretical
27
Indirect Effects of Securities Operations Through Speculation and Price Changes
theoretical
28
Functions and Limits of Securities Operations in Bank and Central-Bank Policy
theoretical
29
Limits and Dynamics of Aggregate Loan Supply
theoretical
30
Chapter Four: Laws of the Money Market and Equilibrium Equation
chapter
31
Closed Money Market: Stable and Temporary Equilibrium
theoretical
32
Money Market Dynamics: Secular, Seasonal, and Cyclical Disturbances
theoretical
33
International Monetary Equilibrium among Connected Countries
theoretical
34
Countries with Equal Interest Rates: Conditions and Equations of Equilibrium
theoretical
35
Trend Disturbances in International Money Markets
theoretical
36
Seasonal Disturbances, Elastic Currency, and International Transmission
theoretical
37
Cyclical Disturbances and Transition to Different Interest Rates
theoretical
38
International monetary equilibrium with different interest rates and short-term loan volumes
theoretical
39
Restoration of monetary equilibrium after discount-rate disturbances
theoretical
40
General law of precious-metal distribution and transition to the discount-rate chapter
theoretical
41
Chapter Five: The Discount Rate as a Factor of International Monetary Equilibrium
chapter
42
Chapter Six: The Structure of the International Money Market
chapter
43
Floating Securities and the International Money Market Position of Industrial Countries
theoretical
44
Goods, Securities, and Differing Monetary Adjustment Capacities
theoretical
45
Industrial Countries as Mediators of International Gold Circulation
theoretical
46
Industrial Countries as World Bankers and Providers of Circulating Capital
theoretical
47
Functions of the International Money Market
theoretical
48
England’s Rise and Decline as World Banker
theoretical
49
Conditions for the International Money Market and the Breakdown of Gold-Based Adjustment
theoretical
50
Velocity of Money: Title Page and Contents
essay
51
Detailed Contents: Credit Forms and the Velocity of Money
chapter
52
The Nature of Money as a General Purchasing Claim
theoretical
53
Purchasing Power, Price Level, and the Quantity Theory of Money
theoretical
54
The Problem of the Velocity of Circulation and Cash Balances
theoretical
55
Transition to the Main Part on Asset Utilization
chapter
56
Cash Holdings as a Financing Problem
theoretical
57
Fluctuating Capital Requirements: Goods Circulation and Fivefold Taxonomy
theoretical
58
Periodic Investment and Periodic Release of Funds
theoretical
59
Seasonal, Cyclical, and Intra-Firm Offsetting of Capital Needs
theoretical
60
Differentiation, Integration, and Horizontal or Vertical Offsetting
theoretical
61
Aggregate Goods-Stock Fluctuations and Non-Produced Assets
theoretical
62
Supply of Funds on the Credit Market
theoretical
63
Credit Forms and the Adaptation of Capital to Fluctuating Asset Needs
theoretical
64
Supplier Credit, Inventory Fluctuations, Book Credit, and Installment Credit
theoretical
65
Buyer Credit, Money-Market Credit, and Current-Account Bank Credit
theoretical
66
Deposit Banking, Giro Money, Credit Creation, and Limits to Velocity
theoretical
67
Interest Rates, Price Expectations, and Other Determinants of Idle Balances
theoretical
68
Causes of Velocity Changes and the Disappearance of Asset Fluctuations
theoretical
69
Emergence of Asset Fluctuations and Reduced Velocity
theoretical
70
Effects of Changes in the Use of Short-Term Credit
theoretical
71
Effects of Using Surplus Funds Within the Firm
theoretical
72
The Alleged Link Between the Velocity of Money and the Velocity of Goods
theoretical
73
The Significance of Changes in Velocity for the Price Level
theoretical
74
Magnitude and Changes of Velocity: Present Statistical Estimates
chapter
75
Seasonal Fluctuations in the Effectiveness of Money
theoretical
76
Business-Cycle Fluctuations in the Effectiveness of Money
theoretical
77
Money Effectiveness under Inflation and Deflation
theoretical
78
Secular Changes in the Effectiveness of Money
theoretical
79
Koopmans Essay Title and Table of Contents
essay
80
Preface: Scope, Literature, and the Crisis
essay
81
Problem Statement: Stabilization, Neutral Money, and Wicksellian Interest Divergence
theoretical
82
Conceptual and Methodological Foundations of Neutral Money
theoretical
83
Nonneutral Money: Abstract and Concrete Money
theoretical
84
Abstract and Concrete Nonneutrality of Money and the Limits of Stabilization
theoretical
85
Non-neutral Money Creation, Pure Demand, and Critique of the Banking Principle
theoretical
86
Quantity Theory, Price-Level Neutrality, and Hoarding as Non-neutral Monetary Action
theoretical
87
Time Lags and the Neutral Money Ideal
theoretical
88
Hoarding, Dishoarding, and Velocity as Non-Neutral Processes
theoretical
89
The Objection from Aggregate Cash Balances and Robertson’s Induced Lacking
theoretical
90
Adjustment to Monetary Disturbances and the Exhaustive Sources of Non-Neutrality
theoretical
91
Wicksellian Equilibrium Interest and Bank Credit Creation
theoretical
92
Neutral Money, Hoarding, and Central Bank Management
theoretical
93
Technical Means and Limits of Neutral Credit Policy
theoretical
94
Criteria for Compensating Hoarding and Dishoarding
theoretical
95
Machlup and Hayek on Hoarding, Velocity, and Neutral Money
theoretical
96
Algebraic Formulation of Competing Neutral-Money Criteria
theoretical
97
Why Quantity-Theory Coordinates Cannot Define Neutral Money
theoretical
98
Fourth Section: The Alleged Law of Compensatory Price Changes
chapter
99
The Alleged Law of Compensatory Price Changes and Its Critique
theoretical
100
Demand Elasticity, One-Sided Price Changes, and Neutral Money Without Constant Velocity
theoretical
101
Constant Velocity and Secondary Price Repercussions from Changes in the A Price Sum
theoretical
102
Constant Velocity, Time-Lags, and Neutral Money
theoretical
103
Trade Volume, Target Money Quantity, and the Failure of Price-Level Criteria
theoretical
104
Redefining Price-Level Stability Through Index Corrections
theoretical
105
Failure of Simple Weighted Indexes Under Supply-Side Price Changes
theoretical
106
Double-Weighted Indexes and the Impossibility of Measuring Neutrality by Prices and Quantities Alone
theoretical
107
Assumptions for Demand-Side Price Changes Under Neutral Money
theoretical
108
Demand Shifts, Purchasing-Power Offsets, and Absence of Repercussions
theoretical
109
Assumption of Unchanged Distribution of Non-A Demand
theoretical
110
Qualitative Repercussions in A–B–C Demand Shifts
theoretical
111
Chains of Cumulative Price Movements Under Neutral Money
theoretical
112
Amorphity of the Price System and Limits of Inflation Measurement
theoretical
113
Neutral Money, Price Theory, and Interdependence
theoretical
114
Cost and Production Relatedness as Limits on One-Sided Price Changes
theoretical
115
The Principle of Conservation of Purchasing Power
theoretical
116
Machlup, Wieser, and the Irrelevance of Price Payments Versus Cession Payments
theoretical
117
Concluding Reflections on Neutral Money and Price-Level Stabilization
theoretical
118
Continuity of Individual Prices Under Neutral Money
theoretical
119
Neutral Concrete Money, Say’s Equivalence, and Business Cycles
theoretical
120
Neutral Money and Wicksellian Credit-Market Equilibrium
theoretical
121
Forced Saving, Progress, and Optimal Capital Formation
theoretical
122
Neutral Money, Innovation, and the Displacement of Marginal Firms
theoretical
123
Quantitative Interest Policy versus Qualitative Credit Rationing
theoretical
124
Neutral Money: Localization, Gold Standard, and the Unresolved Problem of Measuring Monetary Neutrality
essay
125
Gunnar Myrdal: The Equilibrium Concept as an Instrument of Monetary-Theoretical Analysis — Title Page and Contents
chapter
126
Introductory Remarks: Quantity Theory, Purchasing Power Parity, and the Rise of Wicksellian Monetary Theory
chapter
127
Wicksell’s Monetary-Theoretical Problem Setting
chapter
128
Sections 9-10: Quantity Theory as the Missing Equation and Its Limits
theoretical
129
Section 11: Credit and the Incompleteness of Quantity Theory
theoretical
130
Section 12: Business Cycle Theory and the Separation of Price and Money Theory
theoretical
131
Sections 13-14: Wicksell’s Monetary Problem of Demand, Supply, Saving, and Investment
theoretical
132
Money Interest as Wicksell’s Central Explanatory Principle
theoretical
133
The Cumulative Process from a Natural–Money Interest Gap
theoretical
134
Income, Prices, and Credit Dynamics in the Wicksellian Process
theoretical
135
Chapter III: The Equilibrium Concept in Wicksell’s Monetary Theory
chapter
136
Anticipations, Risk, Keynes, and Hayek
theoretical
137
Equilibrium Criterion, Investment Profits, and Production Reorganization
theoretical
138
Monetary Equilibrium versus Static Price Equilibrium
theoretical
139
Wicksell’s Three Criteria for the Normal Rate of Interest
theoretical
140
Critique of the Stationary Starting Point in Wicksellian Monetary Theory
theoretical
141
Instrumental Equilibrium, Empirical Applicability, and the Real-Capital Yield Criterion
theoretical
142
Why Natural Interest Cannot Be Defined Without Money and Credit
theoretical
143
Replacing Wicksell’s Natural Interest with the Ex-Ante Yield Rate of Real Capital
theoretical
144
Net Return, Capital Value, and the Ex-Ante Formula for the Yield Rate
theoretical
145
Ex-Post Gains, Keynesian Windfalls, and the Necessary Equality of Yield Rate and Market Interest
theoretical
146
Wicksell’s Natural Rate and the Return on Planned Real Investment
theoretical
147
From Firm-Level Return to Wicksellian Aggregate Equilibrium
theoretical
148
Practical Difficulties with Money Interest and Natural Interest
theoretical
149
Capital Values and Reproduction Costs as the Equilibrium Criterion
theoretical
150
Chapter IV conclusion: practical measurement of Wicksell's first equilibrium condition
chapter
151
Chapter V opening: saving, real investment, and free capital disposition
chapter
152
Chapter V dynamics: anticipation, interest-rate, and saving shocks
chapter
153
Chapter V algebraic generalization of saving-investment equilibrium
chapter
154
Chapter VI price-level condition and the Wicksell-Davidson debate
chapter
155
Chapter VI monopoly elements, wages, and equilibrium unemployment
chapter
156
Chapter VII monetary-policy indifference and discount-rate ineffectiveness
chapter
157
Chapter VIII monetary equilibrium as a policy norm and its indeterminacy
chapter
158
Chapter VIII isolated monetary policy, price stabilization, and cycle stabilization
chapter
159
Chapter VIII critique of alternative monetary-policy norms
chapter
160
Chapter IX epistemological conclusions on abstract theory and empiricism
chapter
161
Wicksell essay: scarcity, inflation, and wartime price rises
essay
162
Wicksell essay section II: Sweden, gold embargo, and Cassel
essay
163
Wicksell essay section III: postwar deflation and purchasing power
essay
164
Wicksell essay section IV: Scandinavian currencies and monetary union
essay
165
Name index
bibliography