On the Manipulation of Money and Credit: Three Treatises on Trade-Cycle Theory

Index

Index agriculture, 164–65, 171, 172 American colonies, 12–13, 23 anarchy myth, capitalism’s production activity, 155–56 Austria, post–World War I inflation, 8n3 balance of payments doctrine, 26–28, 46–50 banking legislation, 125–26, 149. See also interest rates; interventionist policy Banking School doctrine, 67, 105–7, 122, 130 barter, xiii–xiv Bastiat, Frédéric, 132 Böhm-Bawerk, Eugen von, 55, 189 boom stage, 130, 141–42, 161–62, 194–96. See also circulation credit theory; interest rates borrowing effects, reparation payments, 35–38 Brazil, coffee production, 171 business cycle research: expectations for policy, 181–82; forecasting potential, 145–47; theory evolution, 53–56, 99–104, 131–32. See also circulation credit theory cash and purchase panics, 5–6, 8–9, 195 Chartism, 21 circulation credit theory: overview, 102–7, 160–61; acceptance of, 102–3, 182; and business cycle regularity, 103–4, 117–24; as foundation of cyclical policy, 131–32, 137–38, 152; and Harvard Barometer, 134–35; interest rate patterns, 106–11, 113–14; investment patterns, 112–16, 126–27, 184–85 commodity credit, 191–92, 197 commodity prices. See prices consumer role, in free market operation, 156–59, 192–93 credit transactions. See interest rates Currency Theory, 100, 109, 128–29, 131–32, 148–49, 185–86. See also circulation credit theory cyclical policy, 131–38, 148–52 debtors, public opinion, 90, 183n1, 189–90. See also interest rates demand for money: and foreign trade, 48–49; and gold prices, 62–64; inflation effects, 5–11; and purchase panics , 5–6, 8–9, 195 demonetization process, 6 depreciation of money: chronology, 17–18; and devaluation, 23–25; as ideology problem, 43–44; from inflation, 5–11; reform requirement, 15–16; and reparation payment methods, 36–37. See also inflation devaluation, 23–25 economic theory. See business cycle research; circulation credit theory entrepreneurs. See production activity exchange rates, 22–30, 45–50, 150–51. See also foreign money exports/imports. See foreign trade 200 • index Federal Reserve System, U.S., 131n1 fiduciary media. See circulation credit theory; interest rates Fisher, Irving, 61, 81–86, 89 forced savings concept, 107–8, 112–13 forecasting potential, business cycle research, 145–47 foreign money, 7, 12–14, 16–21, 36–37. See also exchange rates foreign trade: balance of payments doctrine, 26–30, 46–50; and monetary value change, 85–86, 109, 150–51; and reparations burden, 35; restriction effects, 30–31. See also exchange rates; gold and gold standard France, 12–13, 23 free banking, 123–25, 129 free market operation, overview, 155–59, 192–93 German mark, 7, 10, 22, 23–24, 36 gold and gold standard: business cycle characteristics, 117–18; costs of, 64–65, 66; as flexible standard, 65–66; inflation effects, 10, 13–14; liberalism’s perspective, 92–93; as note limitation, 39–40; outflow myth, 48–50; political independence, 19–20, 62, 69, 79; price fluctuations, 62–63, 71–72; quantity myth, 20–21, 72, 174–76; replacement theories, 59–61, 64–65, 66–68, 80–81; value manipulation, 69–71, 93–94; as world money, 16–17, 151 government bankruptcy, devaluation compared, 23 government intervention. See interventionist policy Gresham’s Law, 26–27, 92–93 Haberler, Gottfried, 75n4 Hansen, Alvin H., 190 Harvard Barometer, 134–35, 137 Helfferich, Karl, 34 immigration, 169 imports/exports. See foreign trade income/wealth changes, 83–85, 88–89, 107–8 index methods, limitations, 76–80, 81, 94–95 industrial technology, employment effect, 169–70 inflation: as ideology problem, 43–44, 118–19, 121–24; justification arguments, 32–38, 176; outcome patterns, 5–14, 30, 162; post–World War I origins, 3–4; and social relationship changes, 83–85; and speculation, 7–8, 11, 13, 17–18. See also circulation credit theory; interest rates; interventionist policy interest rates: and business cycle, 106–11, 113, 114–16, 130, 160–61, 194–98; for controlling money market, 139–44; and cyclical policy, 133; in free market economy, 192–93; and gold standard policy, 93–94; as ideological policy, 121–24, 141–42, 177–78; international factors, 139–42; and note limitations, 41–42; public opinion, 139, 182–83, 189–90, 192, 198; and purchasing power, 81–83, 88–89. See also inflation interventionist policy: as cause of economic crisis, 177–78; as crisis ideology, 125–26; and entrepreneurial decisionmaking , 192–93, 195–96; judgment component, 135–37; price support effects, 170–73; unemployment, 167; and wages, 184. See also specific topics , e.g., cyclical...