K. Wicksell의 貨幣理論에 關한 硏究 = SOME NOTES ON WICKSELLIAN MONETARY THEORY

다국어 초록 (Multilingual Abstract)

Wicksell's important innovations in monetary theory may be summarised as follows:
1. He is a pioneer in the integration of monetary theory and general equilibrium theory, and especially in his analysis of the interest rate. He did it by using his own special terms. i. e. , natural of real rate of interest and money or market rate of interest. “The state of monetary equilibrium, in which natural rate equals to money rate, is the linking point of monetary theory to general theory.” (1) In his equilibrium system, a pivotal part is played by the rate of interest.
2. His analysis is concentrated on the process of price movements, in which “credit” plays a large role. Indeed, he succeeds in the explanation of the cumulative fluctuation of price level. The most famous is his “cumulative process” by discrepancy of natural and money rates. His idea of “cumulative process” and his introduction of it into the centre of economic analysis suggested the need for a dynamic analysis of process. He opposed here the alleged relation between changes in quantity of money and the price level as expounded in the Quantity Theory.
In stead, he connected the changes in money quantity with the rate of interest. And he took the income theory of prices (=income approach). His solution lies in the different between the market rate of inrest and what he calls “the natural rate of interest”. As J. M. Keynes pointed out, (2) he was the first writer to make it clear that th influence of the rate of interest on the price level operates through its effect on the rate of investment. Wicksell's conclusion is as follows:
“General rise in prices is therefore only conceivable on the supposition that the general demand has for some reason become, or is expected to become. greater than the supply .... Any theory of money worthy of the name must be able to show how and why the monetary or pecuniary demand for goods exceeds or fails short of the supply of goods in given conditions". (3)
indeed, we in this passage can find out that he attempted to give such an explanation through his analysis of saving and investment.
3. By concentrating upon the rate of interest, he swept away the narrow foundations of the Quantity Theory. Then, he established the investment function. And also gave inpetue to the theory of output as a whole. We can learns the foundations of his investment function and the theory of output as a whole in the following passage:
“Investment seems to be, in my view, determined by the rate of interest in relation to the natural or real rate. A decline in the loan rate below the real rate most “provide a stimulus to trade and production.” and after the relation between supply and demand of goods and productive services'''(4)
This statement corresponds, indeed, very nearly not only with Keynens, definition of marginal efficiency schedule, but also with his formulation of the determinants of investment. And output as a whole.
4. Maintenance of monetary equilibrium and its restoration after disturbance is entirely placed on the adjustment power of Central bank discount or interest rate policy. Optimistically, he considered such bank policy capable of arresting and reversing a hiper-inflationary or defalationary price movements without accompanying by economic crisis or stagnation.…
At any rate, he must be placed on the high position in the modern monetary theory because of his openning the door through which links the general equilibrium theory and the monetary.
1) D. patinkin : Wicksell's Cumulative Process. Economic Journal. December 1952. P847.
2) J. M. Keynes : A Treatise on Money. vol. 1 p. 198.
3) K. Wicksell : Lectures on Political Economy. Vol. 11 pp. 159·60
4) 〃 〃 : Interest and Prices. p. 89.

목차 (Table of Contents)

• 一. 理論 接近方法
• 二. Wicksell 經濟世界觀
• 三. 累積過程 (Cumulative Process)
• 1. 貨幣的 要素
• 2. 實物的 要素
• 四. 結 論 (Wicksell의 遺産)