Монетаристко развитие на теорията на търсенето на пари (Monetarist Development of the Money Demand Theory)

Abstract

This article suggests a possible approach to the explanation of the monetarist money demand
theory and the related policy implications in the teaching of History of economic thought. For the
purpose of better understanding Milton Friedman’s contribution the emphasis is put on the conceptual
development from the classical quantity theory of money, through the Cambridge cash-balance
approach, Walras’ “encaisse désirée”, Keynes’ liquidity preference to the monetarist restatement
of the quantity theory of money and its implications for other key economic problems like the
causes of inflation and the methods for reducing the unemployment. The discussion is introduced
with a short note on Friedman’s life and work and concludes with an analysis of the

Bulgarian:

Монетаристко развитие на теорията на търсенето на пари

Full text

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








Софийски университет „Св. Климент Охридски“
Стопански факултет
Катедра Икономика
е-mail:
Teodor Sedlarski.




           
 ,       
               



Key words:         



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





        
      
 “ “     
     











  

 

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
   

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

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  
 £



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



      Free
to choose

Newsweek
Economist

          
Essays in Positive Economics
The Quantity Theory of Money: A restatement
Studies
in Quantity Theory
Capitalism and Freedom, 
A Monetary History of the United States, 1867–1960

There’s No Such Thing as a Free Lunch, 
 Free to Choose: A personal statement  
 Money Mischief: Episodes in
Monetary History












     
  


      
 



       

         
       
Леонидов
Бекярова, Велев, Пипев
Friedman

        
     

      


   
       
     
      
     






Ковачев et al.


      
       






  

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 
дихотомия 
 

        
     




      

          


         

 уравнение на размяната 
 M.VP.T
 М        V 

       2 P  
T


T

 M.VP.YM.VP.Q
 Y  Q       
         
An-
dereggY
T       
2 
 
Wicksell

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T
Y
 VY
MP
Y
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V  

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

V
        
medium of exchange
store of value

    
  
M
  P.Y        
        
теория за търсене-
то на пари MDY
MDMDY
 MD.VP.Y

 MDP.YV.
YV
търсенето на пари в стопанството съ-
що е стабилно

               



Hume


FisherШумпетер

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

        
Cambridge cash-balance approach

сделковите (транзакционните) разходи
двойно съвпадение на желаниятаdouble coincidence of wants
  
           
  

държат

Pigou



Y




алтернативни разходиopportunity costs




MD = k. P.Y .

   V   k  Cambridge ‘k’

k
Y
          

     V     

 



 V
    k

      
„желаната каса“
(encaisse désirée)“, срв. с Anderegg, 2007, 36–37; 40
k



теория за предпочитанието към ликвидност
k



LDliquidity demand

касови остатъци


           

тран-
закционна каса
предпазна каса

спекулативна каса  Anderegg   Paraskewopoulos  







+
 LT = LTY

 LP = LPYi
 Лисев и колектив



 LS = LSi
Y
LT

 
LS




 LD = LDYi
LM
ISLMLD = MS

предлагането на пари
екзогенно


 £

ва-
лутна школаcurrency schoolбанкова школа banking
school




       
     
         
        
AndereggISLM

     LM
      i   Y  
        
  


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MS 
Vk
  


  




        



         
LM
IS
  кейнсиански
трансмисионен механизъм
MS

чрез разширяване на паричната маса, централната банка е в със-
тояние да „повдигне“ икономическата конюнктура
7


8
държавната намеса

         
     

 
7 



Wicksell
Anderegg
8 



  

ISLM
        Anderegg 
restatementFriedman





          
          




портфейл (набор) от активи

парите като част от богатството


Markowitzобразува основата на монетаристката функция на тър-
сенето на паримикроикономическия

         

        
    
  
     
      


Patinkin
          
Laidler
         


   
Anderegg


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


        









Yi


 MDPrbreweYpu

P
rb
re
w        

e
Yp
u       
        
Anderegg


   

  
Friedman
   


    
Friedman


    

        

    w   



Anderegg
   постоянният доход    

 


 

     


   

 

     

Y
YpТеорията за постоянния доходFriedman





       





ЛеонидовЛисев и колектив

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






  u    


        
     


Фридмън изхожда отпо-широка дефиниция на парите




    


V

Friedman   




трансмисионен механизъм


    
     


Ковачев и колектив

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

        
Friedman, Schwarz
MS
P.Yr




 

        

  





 
       20





  
   22       
Тошкова, С.


20Anderegg

  

22капан на ликвидността 





222
 
Yr


  

Yr


PYr
„инфлацията винаги и навсякъде е паричен феномен“


… long-continued ination is always and everywhere a monetary phenomenon
that arises from a more rapid expansion in the quantity of money than in total
output

M.VP.Y
      
V
     
       





    IS
LM £

IS
Y


           



Бекярова и колектив
Friedman, M.i


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инфлационен разривinationary gap


      
       
„крива на Филипс“      

  
         




     
     


 

27


 

стагфлация
stagation








crowding out
Лисев и колектив


           


27Тошкова


     




      
естествената норма на безработица natural rate of unemployment  ин-
флационните очаквания inationary expectations

28

несъвър-
шенствата на пазара на труд
     £  

        








 






Non-Accelerating Ination Rate of Unemployment 

       
рационални очаквания
  
 



28Лисев и колектив

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


 










Дългосрочна ориентация
авто-
матични стабилизатори, automatic stabilizers



пасивна политика
правила
      
    
    
       
  

 парично правилоmonetary rule


M.V = P.Y
  


  

ТошковаБекярова и колектив










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
Бекярова, К., Б. Велев, И. Пипев
Ковачев, Здр. и колектив

Леонидов, A
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Лисев, С., Р. Русинова, Т. Попов, Т. Конджов, Л. Тошков, Д. Тодоров, А. Пирян-Хачикян,
В. Пеовски
Тошкова, С. 
Шумпетер, Й.
Anderegg, R. 
Fisher, I. 
Friedman, М.
Friedman, M.

Friedman, M.          
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Friedman, M.Journal of Political Economy

Friedman, M., A. Schwartz

Hume, D. 
Jevons, W. S.
Laidler, D.  The Economic Journal,Vol. 91,
No. 361 (1981
Markowitz, H. M.The Journal of Finance

Paraskewopoulos, S.
Patinkin, D.Journal of Money,
Credit and Banking
Pigou, A. C.The Quarterly Journal of Economics 

Wicksell, K.

Wicksell, K.       

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Постъпила на 30.03.2012 г.