The loanable funds fallacy: exercises in the analysis of disequilibrium
分析了可贷资金理论的核心命题，即技术和时间偏好变化会直接立即影响利率，并运用广义金融缓冲方法发现该理论存在缺陷，应被放弃。
This essay analyses the core proposition of loanable funds theory that changes in technology and time preferences directly and immediately affect interest rates. Applying what may be seen as a generalised financial-buffers approach to the analysis of disequilibrium, we find that loanable funds theory is flawed and should therefore be abandoned. A challenge to the neo-Walrasian general equilibrium approach to monetary theory remains: that of justifying the idea that--by some mechanism--intertemporal prices correctly reflect technology and time preferences. Copyright 2001 by Oxford University Press.