On the Manipulation of Money and Credit. Людвиг фон Мизес

1 First Steps

2 Market Interest Rates

CHAPTER VIII The Ideological Meaning of Reform

1 The Ideological Conflict

       Appendix. Balance of Payments and Foreign Exchange Rates

       MONETARY STABILIZATION AND CYCLICAL POLICY (1928)

       Preface

       PART I Stabilization of the Purchasing Power of the Monetary Unit

       CHAPTER I The Problem

       1 “Stable Value” Money

       2 Recent Proposals

       CHAPTER II The Gold Standard

       1 The Demand for Money

       2 Economizing on Money

       3 Interest on “Idle” Reserves

       4 Gold Still Money

       CHAPTER III The “Manipulation” of the Gold Standard

       1 Monetary Policy and Purchasing Power of Gold

       2 Changes in Purchasing Power of Gold

       CHAPTER IV “Measuring” Changes in the Purchasing Power of the Monetary Unit

       1 Imaginary Constructions

       2 Index Numbers

       CHAPTER V Fisher’s Stabilization Plan

       1 Political Problem

       2 Multiple Commodity Standard

       3 Price Premium

       4 Changes in Wealth and Income

       5 Uncompensatable Changes

       CHAPTER VI Goods-induced and Cash-induced Changes in the Purchasing Power of the Monetary Unit

       1 The Inherent Instability of Market Ratios

       2 The Misplaced Partiality to Debtors

       CHAPTER VII The Goal of Monetary Policy

       1 Liberalism and the Gold Standard

       2 “Pure” Gold Standard Disregarded

       3 The Index Standard

       PART II Cyclical Policy to Eliminate Economic Fluctuations

       CHAPTER I Stabilization of the Purchasing Power of the Monetary Unit and Elimination of the Trade Cycle

       1 Currency School’s Contribution

       2 Early Trade Cycle Theories

       3 The Circulation Credit Theory

       CHAPTER II Circulation Credit Theory

       1 The Banking School Fallacy

       2 Early Effects of Credit Expansion

       3 Inevitable Effects of Credit Expansion on Interest Rates

       4 The Price Premium

       5 Malinvestment of Available Capital Goods

       6 “Forced Savings”

       7 A Habit-forming Policy

       8 The Inevitable Crisis and Cycle

       CHAPTER III The Reappearance of Cycles

       1 Metallic Standard Fluctuations

       2 Infrequent Recurrences of Paper Money Inflations

       3 The Cyclical Process of Credit Expansions

       4 The Mania for Lower Interest Rates

       5 Free Banking

       6 Government Intervention in Banking

       7 Intervention No Remedy

       CHAPTER IV The Crisis Policy of the Currency School

       1 The Inadequacy of the Currency School

       2 “Booms” Favored

       CHAPTER V Modern Cyclical Policy

       1 Pre–World War I Policy