출처: Steve Keen, "Debunking Macroeconomics," Economic Analysis & Policy, Vol. 41 No. 3, december 2011 (https://www.academia.edu/7174336/Debunking_Macroeconomics?auto=download)
※ 발췌:
The money multiplier theory of money creation played a larger role in [Bernanke's] argument that the Great Depressin was triggered by the Federal Reserve' reduction of the US base money supply between June 1928 and June 1931:
>> the United States is the only country in which the discretionary component of policy was arguably significantly destabilizing .... The ratio of monetary base to international reserves ... fell consistently in the US from 1928 II ... through the 2nd quarter of 1931. As a result, US nominal money growth was precisely zero between 1928 IV and 1929 IV, despite gold inflows and an increase in money multiplier.
The year 1930 was even worse in this respect: between 1929 IV and 1930 IV, nominal money in the US fell by almost 6 percent ... The proximate cause of this decline in M1 was continued contraction in the ratio of base to reserves, which reinforced rather than offset declines in the money multiplier. This tightening ... locates much of the blame for the early (pre-1931) slowdown in world monetary aggregates with the Federal Reserve
(Ben S. Bernanke, 2000, Essays on the Great Depression. Princeton, NJ: Princeton University Pressp. 153)
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