Ricardo versus Thornton on the appropriate monetary response to supply shocks
比较了李嘉图和桑顿关于供给冲击下货币政策的不同观点，前者主张紧缩货币，后者主张保持货币量不变，并指出这些观点与当今美联储应对石油冲击的政策考量相关。
David Ricardo (1772-1823) recommended countering supply shocks with monetary contraction. Henry Thornton (1760-1815) advised a constant-money response. Their views hinged (1) on the neutrality or non-neutrality of money-stock changes on real output and employment and (2) on the costs of inflation. These same considerations influence Federal Reserve policy in response to oil shocks today.