Effective Demand Failures
Effective Demand Failures
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有效需求失败
DOI：
10.2307/3439273
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发表时间：
1973
影响因子：
1.7
通讯作者：
A. Leijonhufvud
中科院分区：
文献类型：
--
作者：
A. Leijonhufvud
第一部分认为，今天宏观经济理论的核心问题再次涉及市场体系的自我监管能力，就像它在20世纪30年代的S所做的那样。我们未能在普遍承认的长期持续争议的解决方面取得更好的进展，这在很大程度上似乎是因为我们对这一问题的了解相对较不发达。有效需求理论并不涉及有效需求的所有方面，但它几乎不涉及其他方面。第二部分概述了有效需求理论的三个探索性尝试。接着讨论了(A)市场和货币理论，(B)消费函数理论，和(C)货币收入决定的数量理论。有效需求不足削弱了经济恢复到经济活动合理协调的状态的能力。第二部分探讨的三种方法都指出，系统面临的一个或多个冲击的大小与交易者认为对是否会出现重大后果的有效需求失效至关重要的“缓冲存量”--特别是流动资产，尤其是货币--的规模之间的关系。这一理论表明，该系统应对自动驾驶的能力可能要弱得多。从它的平衡时间路径出发，计算大于中等位移。针对大规模和适度置换的政策处方将有所不同，实际上，非常粗略地说--前者是“财政主义者”，后者是“货币主义者”。
Part I argues that the central issue in macroeconomic theory today again concerns, as it did in the 1930's, the self-regulatory capabilities of market systems. Our failure to make better progress towards a generally acknowledged resolution of long ongoing controversies seems in large measure due to the relatively underdeveloped state of our knowledge pertaining to this question. The theory of effective demand does not deal with all aspects of it, but it deals with hardly anything else. Part II sketches three exploratory ventures in effective demand theory. In turn, it discusses (A) The Theory of Markets and Money, (B) Theories of the Consumption Function, and (C) Quantity Theories of Money Income Determination. Effective demand failures impair the economy's ability to restore itself to a state in which economic activities are reasonably well coordinated. The three avenues of approach explored in Part II all point to the relation between the magnitude of the shock or shocks to which the system is exposed and the size of the "bufferstocks"-particularly of liquid assets, and most particularly of money-that transactors maintain as critical to whether effective demand failures of major consequence will emerge or not. The theory suggests that the system may be much less able to cope automati. cally with large than with moderate displacements from its equilibrium time-path. Policy prescriptions for large and for moderate displacements will differ, beingvery roughly speaking, indeed-"fiscalist" for the former, "monetarist" for the latter case.