わかりはじめた1930年代のレボリューション - himaginary’s diaryMostly Economicsが紹介している1999年の論文「The Keynesian Revolution and the Nominal Revolution: Was There a Paradigm Shift in Economic Policy in the 1930s?」で、アイケングリーンがサムナーと見紛うような主張を展開している。 Monetary policy, not fiscal policy, was the force behind recovery from the Depression. Whether central banks cut interest rates and stabilized the supply of money and credit was the single most important determinant of the
