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Jacob Marschak and the Cowles approaches to the theory of money and assets
The European Journal of the History of Economic Thought ( IF 0.6 ) Pub Date : 2020-08-03 , DOI: 10.1080/09672567.2020.1800061
Robert W. Dimand , Harald Hagemann

Abstract

Jacob Marschak shaped the emergence of monetary theory and portfolio choice at the Cowles Commission (which he directed from 1943 to 1948, but with which he was involved already from 1937) at the University of Chicago, where he was the doctoral teacher of Leonid Hurwicz, Harry Markowitz and Don Patinkin, and then from 1955 at the Cowles Foundation at Yale University, where he was a senior colleague of James Tobin until moving to UCLA in 1960. Marschak’s later attempts to clarify the concept of liquidity and to emphasise the role of new information for economic behaviour date back as far as to his early experiences with hyperinflationary processes in the Northern Caucasus during the Russian Revolution. Marschak came to monetary theory with his 1922 Heidelberg doctoral dissertation on the quantity theory equation of exchange (published in 1924 as “Die Verkehrsgleichung”), and embedded monetary theory in a wider theory of asset market equilibrium in studies of “Money and the Theory of Assets” (1938), “Assets, Prices, and Monetary Theory” (with Helen Makower, 1938), “Role of Liquidity under Complete and Incomplete Information” (1949), “The Rationale of the Demand for Money and of ‘Money Illusion’” (1950), and “Monnaie et liquidité dans les modèles macroéconomiques et microéconomiques” (1955), as well as in Income, Employment and the Price Level (lectures Marschak gave at Chicago, edited by Fand and Markowitz, 1951a). We examine Marschak’s analysis of money within a broader theory of asset market equilibrium and explore the relation of his work to the monetary and portfolio theories of his doctoral students Markowitz and Patinkin and his colleague Tobin and to the revival of the quantity theory of money by Milton Friedman, a University of Chicago colleague unsympathetic to the methodology of the Cowles Commission.



中文翻译:

Jacob Marschak和Cowles探索货币和资产理论

摘要

雅各布·马绍克(Jacob Marschak)在芝加哥大学的考尔斯委员会(他于1943年至1948年领导,但从1937年开始就参与其中)促成了货币理论和投资组合选择的出现,在那里他是列昂尼德·赫维兹(Leonid Hurwicz)的博士老师,哈里·马科维兹(Harry Markowitz)和唐·帕汀金(Don Patinkin),然后从1955年在耶鲁大学考尔斯基金会任职,在那里他一直是詹姆斯·托宾(James Tobin)的高级同事,直到1960年移居加州大学洛杉矶分校。马沙克(Marschak)后来试图澄清流动性概念并强调新的流动性。有关经济行为的信息可以追溯到他在俄罗斯大革命期间在北高加索地区恶性通货膨胀过程的早期经历。马尔沙克(Marschak)于1922年在海德堡(Heidelberg)博士上发表了有关交换数量理论方程的博士论文(于1924年以“ Die Verkehrsgleichung”的身份出版),并在“货币与货币理论”的研究中将货币理论嵌入到更广泛的资产市场均衡理论中。资产”(1938年),“资产,价格和货币理论”(与海伦·马可(Helen Makower),1938年),“信息在完全和不完全信息下的流动性”(1949年),“货币需求和货币幻觉的原理” ”(1950年)和“蒙娜埃等人的宏观经济学与微观经济学”(1955年),以及“完全和不完全信息下的流动性作用”(1949年),“货币需求和'金钱幻觉'的理论基础”(1950年)和“宏观经济与微观经济”(1955年),以及在“完全和不完全信息下的流动性作用”(1949年),“货币需求和'金钱幻觉'的理论基础”(1950年)和“宏观经济与微观经济”(1955年),以及在收入,就业和价格水平(Marschak在芝加哥发表的演讲,由Fand和Markowitz编辑,1951a)。我们在更广泛的资产市场均衡理论中考察了Marschak对货币的分析,并探讨了其工作与他的博士生Markowitz和Patinkin及其同事Tobin的货币和证券理论以及米尔顿对货币数量理论的复兴之间的关系。弗里德曼(Friedman)是芝加哥大学的一位同事,对Cowles委员会的研究方法不满。

更新日期:2020-08-03
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