Abstract

In the controversy leading to the Federal Reserve Act of 1913, J. Laurence Laughlin of the University of Chicago and Irving Fisher of Yale were the leading opponent and proponent, respectively, of the quantity theory of money as the theoretical basis for reorganizing the US monetary system. Laughlin identified the quantity theory with bimetallist claims that monetizing silver would have lasting real benefits. Laughlin offered a cost of production theory of the value of gold as an alternative to the quantity theory, while his students published empirical critiques of the quantity theory. Fisher upheld the quantity theory as explaining price movements while distancing the theory from assertions of long-run non-neutrality of money. Laughlin and Fisher vigorously debated monetary theory and monetary reform, notably at American Economic Association meetings. Their confrontations illuminate the monetary controversies preceding the Federal Reserve Act, which reflected the views of Laughlin and Willis (adviser to Congressman Carter Glass) while rejecting the mandate to stabilize the price level proposed by Senator Owen and his adviser Fisher.

中文翻译：

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劳伦斯·劳克林（J. Laurence Laughlin）与欧文·费舍尔（Irving Fisher）的货币数量理论，1894年至1913年

摘要

在导致1913年《联邦储备法》的争议中，芝加哥大学的J.劳伦斯·劳克林和耶鲁大学的欧文·费舍尔分别是货币数量理论的主要反对者和拥护者，后者是重组美国货币的理论基础系统。拉夫林（Laughlin）用双金属主义者的观点确定了数量论，即通过货币化白银将具有持久的实际利益。拉夫林（Laughlin）提供了黄金价值的生产成本理论，以替代数量理论，而他的学生则发表了对数量理论的经验评论。费舍尔（Fisher）坚持将数量理论解释为价格走势，同时使该理论与货币长期非中立性的主张背道而驰。拉夫林（Laughlin）和费舍尔（Fisher）激烈辩论了货币理论和货币改革，特别是在美国经济协会会议上。他们之间的对抗阐明了美联储法案之前的货币争议，该法案反映了劳克林和威利斯（国会议员卡特·格拉斯的顾问）的观点，同时拒绝了欧文参议员和他的顾问费希尔提出的稳定价格水平的任务。