Hayek's Monetary Theory and Policy: A Critical Reconstruction
批判性重构哈耶克的货币理论与政策，指出其基于恒定货币存量的价格稳定批判并不成立，而商业周期理论中的注入效应为其政策主张提供了更合理的基础，并分析了哈耶克在1970年代转向支持价格水平稳定的逻辑矛盾。
Friedrich A. Hayek's critique of price level stabilization was based on the theoretical claim that only a constant money stock (M), or constant volume of nominal spending (MV), allows intertemporal price equilibrium. The claim is not generally correct. Hayek's case (in principle) for constant MV, and his critique of the automatic gold standard for not delivering it, are thus uncompelling. The injection effects of his business cycle theory provided a sounder basis for his prescription. In the 1970s, Hayek switched to endorsing price-level stabilization. In doing so he was logically compelled to repudiate his business cycle theory.