Did Hayek and Robbins Deepen the Great Depression?
反驳了哈耶克和罗宾斯的奥地利学派商业周期理论主张“清算主义”货币政策的说法，指出大萧条期间美联储政策受真实票据理论影响，而非奥地利学派。
Contrary to some accounts, the Hayek–Robbins (“Austrian”) theory of the business cycle did not prescribe a monetary policy of “liquidationism” in the sense of passive indifference to sharp deflation during the early years of the Great Depression. There is no evidence that Hayek or Robbins influenced any “liquidationist” in the Hoover administration or the Federal Reserve System. Federal Reserve policy during the Great Depression was instead influenced by the real bills doctrine, which (despite some apparent similarities) was diametrically opposed in key respects to Hayek's norms for central bank policy.