……生产率，央行却仍在做价格水平稳定。货币失衡经济学家对此写过很多。George Selgin 有一篇很棒、也相对好读的文章叫《Less Than Zero》，讨论的就是这个。现代经济理论里没人相信马歇尔传统等同于现代新古典主义——更别提新自由主义了。但也不存在单一的“现代新古典主义”，……
…productivity, central banks still do price level stabilization instead. The monetary disequilibrium economists have written much on this. George Selgin has a great and relatively accessible essay called Less Than Zero that discusses this. No one in modern economic theory belieces the Marshallian tradition is identical to modern neoclassicism - never mind neoliberalism. But there is no single "modern neoclassicism,"…
……但既然 NGDP 的演变是固定的，你就会看到 RGDP 下降，从而通胀上升。美国那个“算是”的美联储却选择固定通胀。如果你对这类东西感兴趣，一定要读 George Selgin 的《Less Than Zero》。（比如 https://iea.org.uk/publications/research/less-zero）。它让我领会了经典金本位——以及它如何在合适的监管环境下设法保持 NGDP 稳定，……
…But since NGDP evolution is fixed, you'd see an RGDP decrease and hence an inflation hike. The American sort-of Fed fixes inflation instead. If you are into this kind of thing, do read George Selgin's Less Than Zero. (Eg at https://iea.org.uk/publications/research/less-zero). It gave me an appreciation of the classic gold standard---and how it managed to keep NGDP stable under the right regulatory circumstances,…
……觉得那些激励有点傻。首先，央行可以印足够多的钱，达到他们想要的任何名义总支出水平。不需要通胀。George Selgin 的《Less Than Zero》甚至给出了支持通缩的有力论证。（他本质上主张固定名义 GDP，这样实际增长的经济就会看到商品价格下降。）通胀……
…find that those incentives are a bit silly. First, the central bank can print enough money to get any level of aggregate nominal spending they fell like. No need for inflation. George Selgin's book 'Less than Zero' even makes a convincing argument in favour of deflation. (He essentially argues for a fixed nominal GDP, and an economy that's growing in real terms would thus see the price of goods decline.) Inflation…
……生产率，央行却仍在做价格水平稳定。货币失衡经济学家对此写过很多。George Selgin 有一篇很棒、也相对好读的文章叫《Less Than Zero》，讨论的就是这个。现代经济理论里没人相信马歇尔传统等同于现代新古典主义——更别提新自由主义了。但也不存在单一的“现代新古典主义”，……
…productivity, central banks still do price level stabilization instead. The monetary disequilibrium economists have written much on this. George Selgin has a great and relatively accessible essay called Less Than Zero that discusses this. No one in modern economic theory belieces the Marshallian tradition is identical to modern neoclassicism - never mind neoliberalism. But there is no single "modern neoclassicism,"…
……但既然 NGDP 的演变是固定的，你就会看到 RGDP 下降，从而通胀上升。美国那个“算是”的美联储却选择固定通胀。如果你对这类东西感兴趣，一定要读 George Selgin 的《Less Than Zero》。（比如 https://iea.org.uk/publications/research/less-zero）。它让我领会了经典金本位——以及它如何在合适的监管环境下设法保持 NGDP 稳定，……
…But since NGDP evolution is fixed, you'd see an RGDP decrease and hence an inflation hike. The American sort-of Fed fixes inflation instead. If you are into this kind of thing, do read George Selgin's Less Than Zero. (Eg at https://iea.org.uk/publications/research/less-zero). It gave me an appreciation of the classic gold standard---and how it managed to keep NGDP stable under the right regulatory circumstances,…
……觉得那些激励有点傻。首先，央行可以印足够多的钱，达到他们想要的任何名义总支出水平。不需要通胀。George Selgin 的《Less Than Zero》甚至给出了支持通缩的有力论证。（他本质上主张固定名义 GDP，这样实际增长的经济就会看到商品价格下降。）通胀……
…find that those incentives are a bit silly. First, the central bank can print enough money to get any level of aggregate nominal spending they fell like. No need for inflation. George Selgin's book 'Less than Zero' even makes a convincing argument in favour of deflation. (He essentially argues for a fixed nominal GDP, and an economy that's growing in real terms would thus see the price of goods decline.) Inflation…