Study of a Frank Knight's case for the discretionary monetary policy and against the liquidity preference theory

新古典主义理论家、早期自由主义芝加哥学派的核心人物弗兰克·奈特（Frank Knight）对新政银行改革产生了重大影响，他坚持认为，减缓商业周期不仅需要联邦机构对货币供应的统一控制，而且还需要积极和自由裁量的金融政策。本文对奈特支持自由裁量性货币政策和反对流动性偏好理论的案例进行了研究，揭示了奈特与凯恩斯或凯恩斯主义和后来的新自由主义芝加哥学派之间的异同，从而阐明了传统分类法对这些“学派”的盲点。

Frank Knight, a neo-classical theorist and a central figure of the early liberal Chicagoans who had a significant effect to the New Deal banking reform, insisted that not only the unitary control of money supply by the federal institutions, but also the positive and discretionary financial policy are necessary to mitigate business cycle. This study of his case for the discretionary monetary policy and against the liquidity preference theory reveals the similarities and differences between Knight and Keynes or Keynesian and later neo-liberal Chicagoans, and so illuminates the blind spots of the conventional taxonomy about these "schools."