Ralph G. Hawtrey was not a man of the backwaters. Through the parallel study of Treasury files and Hawtrey’s scholarly publications, this work reveals his direct influence upon the most commanding minds of the Treasury and the Bank of England, the two institutions that, after WWI, shared primary responsibility over the British austerity agenda. After the war, Hawtrey advocated drastic budgetary and monetary rigor in the name of price stabilization. From 1922, Hawtrey admitted the need to decrease the bank rate; yet he remained an adamant supporter of the gold standard, insisting on its maintenance even if it required further monetary revaluation. Hawtrey’s policy prescriptions stemmed directly from his economic model. The “crowding-out argument,” the centrality of credit and of savings, together with the operational priority of technocratic institutions, were essential theoretical underpinnings of Hawtrey’s agenda: implementing the so-called Treasury view.

中文翻译：

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霍特雷、紧缩和“国库观”，1918 年至 1925 年

拉尔夫·霍特里 (Ralph G. Hawtrey) 不是死水的人。通过对财政部文件和霍特里学术出版物的平行研究，这项工作揭示了他对财政部和英格兰银行最重要的思想的直接影响，这两个机构在第一次世界大战后对英国的紧缩议程负有主要责任。战后，霍特雷以稳定价格的名义提倡严格的预算和货币政策。从 1922 年起，霍特里承认有必要降低银行利率；然而，他仍然是金本位制的坚定支持者，即使需要进一步的货币重估，也坚持维持金本位制。霍特里的政策处方直接源于他的经济模式。“挤出论”，信贷和储蓄的中心地位，