Monetarist
Ce este un monetarist?
Un monetarist este un economist care are convingerea puternică că oferta monetară – inclusiv moneda fizică, depozitele și creditul – este principalul factor care afectează cererea într-o economie. În consecință, performanța economiei – creșterea sau contracția sa – poate fi reglementată prin modificări ale ofertei de bani.
Motivul cheie din spatele acestei convingeri este impactul inflației asupra creșterii sau sănătății unei economii și ideea că, prin controlul ofertei de bani, se poate controla rata inflației.
Chei de luat masa
- Monetarii sunt economiști și decidenți politici care subscriu la teoria monetarismului.
- Monetarii cred că reglementarea ofertei de bani este cel mai eficient și mai direct mod de reglementare a economiei
- Monetariști celebri includ Milton Friedman, Alan Greenspan și Margaret Thatcher.
Înțelegerea monetaristilor
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M1 Money Stock: 2000—2021
M1 is a measure of the money supply including physical currency and coin, demand deposits, travelers’ checks, other checkable deposits, and negotiable order of withdrawal accounts.
Billions of dollars, seasonally adjusted Source:St. Louis Fed Get the data Add this chart to your site \”,\”externalDataUrl\”:\”static.dwcdn.net/data\”,\”blocks\”:
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În esență, monetarismul este o formulă economică. Se afirmă că masa monetară înmulțită cu viteza sa (rata la care banii își schimbă mâinile într-o economie) este egală cu cheltuielile nominale din economie (bunuri și servicii) înmulțite cu prețul. Deși acest lucru are sens, monetarii spun că viteza este în general stabilă, lucru care a fost dezbătut încă din anii 1980.
Cel mai cunoscut monetarist este Milton Friedman, care a scris prima analiză serioasă folosind teoria monetaristă în cartea sa din 1963,A Monetary History of the United States, 1867–1960.În carte, Friedman împreună cu Anna Jacobson Schwartz au argumentat în favoarea monetarismului ca modalitate de combatere a impactului economic al inflației. Aceștia au susținut că lipsa masei monetare a amplificat criza financiară de la sfârșitul anilor 1920 și a dus la Marea Depresiune și că o creștere constantă a masei monetare în concordanță cu creșterea economică ar produce creștere fără inflație.
Viziunea monetaristă a fost o viziune minoritară atât în economia academică, cât și în cea aplicată, până la problemele financiare din anii 1970. Pe măsură ce șomajul și inflația au crescut, teoria economică dominantă keynesiană nu a putut explica actualul puzzle economic prezentat de contracția economică și inflația simultană.
Economia keynesiană a spus că șomajul ridicat și contracția economică ar duce la deflație printr-un colaps al cererii și invers că inflația a fost rezultatul cererii care depășește oferta într-o economie supraîncălzită. Prăbușirea finală a etalonului aur în 1971, șocurile petroliere de la mijlocul anilor 1970 și începutul dezindustrializării în Statele Unite la sfârșitul anilor 1970 au contribuit la stagflarea, un nou fenomen pe care economia keynesiană a fost dificil de explicat.
Cu toate acestea, monetarismul a susținut că restricționarea ofertei de bani ar ucide inflația, care ar fi un pas necesar pentru reglementarea economiei, chiar dacă aceasta ar costa prețul unei recesiuni pe termen scurt. Exact asta a făcut Paul Volcker, șeful Rezervei Federale din 1979 până în 1987. Rezultatul a fost o revendicare finală a monetarismului în ochii economiștilor și a factorilor de decizie politică.
Exemple de monetaristi si monetarism
Majoritatea monetaristilor s-au opus standardului auriu prin faptul că oferta limitată de aur ar împiedica cantitatea de bani din sistem, ceea ce ar duce la inflație, ceea ce monetaristii cred că ar trebui să fie controlat de oferta monetară, ceea ce nu este posibil în cadrul standardului aurif este minat continuu.
Milton Friedman este cel mai faimos monetarist. Alți monetaristi includ fostul președinte al Rezervei Federale Alan Greenspan și fostul prim-ministru britanic Margaret Thatcher.