Reinventing Functional Finance: Transformational Growth and Full Employment
Reinventing Functional Finance: Transformational Growth and Full Employment
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重塑功能性金融：转型增长和充分就业
DOI：
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发表时间：
2003
期刊：
影响因子：
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通讯作者：
M. Forstater
中科院分区：
文献类型：
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作者：
E. Nell;M. Forstater
这本雄心勃勃的书试图重振和修改“功能金融”的理念。这一理论的追随者认为，政府预算应该只关注其对经济的宏观经济影响，而不是反映对健全的财政和预算纪律的担忧。重新发明功能金融学考察了这一想法的起源，然后将其放在现代背景下考虑。两位作者探讨了NAIRU的概念，并辩称，现代经济体可以在充分就业的水平上运行，而不会引发无法控制的通胀。他们还辩称，预算赤字没有通常被认为是它们造成的有害影响；认为预算赤字具有有害影响的想法，是基于对现代货币的误解。在这种背景下，他们强调了阿巴·勒纳的名言--“金钱是国家的产物”--的相关性。作者还讨论了将自动稳定器与缓冲储备原则相结合的“最后避难所雇主”计划的各种方案的优点。这本书拥有一系列杰出的贡献者，其中包括詹姆斯·杜森伯里、罗伯特·艾斯纳、罗伯特·海尔布伦纳、理查德·马斯格雷夫、爱德华·内尔和兰德尔·雷。金融经济学家、政界人士、政策制定者和银行家将欢迎这本具有挑衅性、令人耳目一新的书，它挑战了现有的经济思维。
This ambitious book seeks both to revive and revise the idea of 'functional finance'. Followers of this doctrine believe that government budgets should concentrate solely on their macroeconomic impact on the economy, rather than reflecting a concern for sound finance and budgetary discipline. Reinventing Functional Finance examines the origins of this idea and then considers it in a modern context. The authors explore the concept of NAIRU and argue that modern economies can operate at the level of full employment without provoking unmanageable inflation. They also contend that budget deficits do not have the deleterious effects commonly ascribed to them; the belief that they do rests on a misunderstanding of modern money. In this context, they highlight the relevance of Abba Lerner's famous dictum, 'money is a creature of the State'. The authors also debate the merits of various proposals for 'Employer of Last Resort' programs, which combine automatic stabilizers with the buffer stock principle. The book boasts an array of eminent contributors which includes, amongst others, James Duesenberry, Robert Eisner, Robert Heilbroner, Richard Musgrave, Edward Nell and Randall Wray. Financial economists, politicians, policymakers and bankers will welcome this provocative and refreshing book which challenges established economic thinking.