「清算主義」対「リフレーション」の構図は正しいか?

概要

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The aim of this paper is to show that it is not only wrong but dangerous for Japan to adopt the policy of inflation targeting in order to get out of debt-deflation. It is wrong because it is impossible in principle to control money supply and thus price levels exogeneously in Irving Fisher's fashion. According to the Keynes' theory of liquidity preference (including 'finance motive') , the most important function of money is hoarding when uncertainty prevails. So inflation targeting would not bring about downslide of real interest rates, but lead to loss of confidence of the public in the Japanese Yen and cause a huge scale capial flight to, say, the U.S. Inflation targeting is as dangerous as liquidationist policy in the sense that both promote the Wall Street's interests at the sacrifice of the domestic business in Japan.
2003-03-31