不均衡過程と利子率の調整メカニズム : ウィクセル-ケインズ・コネクションを巡って(市場経済における不均衡分析,総合研究)

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概要

• 論文の詳細を見る

• This paper considers the question of how plausible the loanable fund mechanism of interest rates is when applied to the analysis of the disequilibrium process of a market economy, and based on this attempts to confirm the raison d'etre of Leijonhufvud's idea of the Wicksell Connection. The disequilibrium analysis of the monetary economy and analysis of savings and investment developed by Wicksell are regarded as forming the true core of the Keynesian Revolution. However, in order for this to be confirmed, the plausibility of the loadable fund mechanism which accompanies the maladjustment of interest rates that lies at the heart of Wicksell's disequilibrium theory must be verified. This paper, through the verification of the working of a neoclassical model of full employment and the natural rate of interest, makes clear the substance of the Wicksell Connection and the essence of the Wicksell disequilibrium theory. This renews our confidence that the core of the Keynesian revolution is the intertemporal dis-coordination problem arising from the maladjustment of interest rates. One hurdle this paper has to clear is how to harmonize the loadable-fund mechanism and the liquidity-preference mechanism of interest rates, and how to demonstrate the precedence that the former takes over the latter. In describing the dynamic disequilibrium process of the economic flow this paper makes clear the inevitability of deploying the loadable-fund mechanism (in particular that outside the corridor, when the buffer of liquid financial assets has been exhausted, the direction of interest rate movement is determined more by financial flows than financial stocks) and with regard to the disequilibrium process, makes clear that there is a decisive difference between the dynamic convergence path supposed by the loadable fund theory and the liquidity preference theory, and that the process of the latter is not in agreement with the dynamic hypothesis of the quantity theory of money. Thus this paper concludes that the Wicksell Connection, which is grounded in the endogenous nature of the money supply, found its manifestation in the Keynesian Revolution.

• 日本大学の論文
• 1997-03-01

著者

• 中山 靖夫

  日本大学経済学部

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