Belling the Cat: Eli F. Heckscher on the Gold Standard as a Disciplinary Device
探讨赫克歇尔为何主张金本位能约束央行执行时间一致的政策、实现价格稳定，并在大萧条时支持瑞典临时价格稳定制度，对理解货币制度设计有参考价值。
Unlike Knut Wicksell, Eli Heckscher did not believe the time had arrived for “managed money” to replace the gold standard after World War I. The war had shown that only a gold standard could bind the central bank to a time-consistent policy with reasonable price stability. Heckscher likened the problem of reinstating the gold standard to “belling the cat” in Aesop’s fable. When the international gold standard crumbled in the Great Depression, he supported the Swedish price-stabilization regime as a temporary system. Heckscher was an early discoverer of the time-consistency problem in monetary policy and hence stressed the importance of the institutional framework of monetary policy.