Abstract

This paper argues that the 100% money proposal of the 1930s should not (as is often the case) simply be considered as an avatar, extended to deposit currency, of the Currency School’s reform prescriptions. The English Bank Charter Act of 1844, indeed, conveyed a double rejection: it not only sought to divorce the issuing from the lending of money, but also to prevent all kind of monetary management, by enacting a specific issuing rule (the “currency principle”) into law. The 100% money proposal, in contrast, was designed independently of any monetary policy recommendations, leaving open the debate of “rules versus discretion”.

中文翻译：

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1930 年代的 100% 货币提案：货币学派改革理念的化身？

摘要

本文认为，1930 年代的 100% 货币提案不应（通常是这种情况）简单地被视为货币学派改革方案的化身，扩展到存款货币。1844 年的英国银行宪章法案确实传达了双重拒绝：它不仅试图将货币的发行与借贷分开，而且还通过制定特定的发行规则（“货币原则”）来防止各种货币管理”）成为法律。相比之下，100% 货币提案的设计独立于任何货币政策建议，留下了“规则与自由裁量权”的争论。