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

对新政银行改革产生过重要影响的新古典主义理论家、早期芝加哥自由派的核心人物弗兰克·奈特认为，缓解经济周期不仅需要联邦机构对货币供应量的统一控制，而且还需要积极的、自由裁量的财政政策。本文通过对奈特主张自由裁量货币政策和反对流动性偏好理论的案例分析，揭示了奈特与凯恩斯、凯恩斯主义者和后来的新自由主义芝加哥学派之间的异同，从而揭示了传统分类学对这些"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."