基于劳动价值论的利率决定理论和货币政策

Interest Rate Decision Theory and Monetary Policy based on Labor Value Theory

通过把价值规律从单一时期推广到不同时期,为利率的决定理论和货币政策奠定牢固的价值基础。首先,根据推广的价值规律,任意一个时期到另外一个时期的利率随前一时期货币价值的上升而上升、随后一时期货币价值的上升而下降。其次,由于任意一个时期的货币价值等于相应时期的劳动总量除以价格总量,故利率又随前一时期劳动总量和后一时期价格总量的上升而上升、随前一时期价格总量和后一时期劳动总量的上升而下降。最后,由于任意一个时期的价格总量等于相应时期货币数量与货币流通速度的乘积,故利率还随前一时期这一乘积的增加而下降、随后一个时期该乘积的增加而上升。在货币流通速度相对于货币数量的弹性大于-1的假定下,政府改变货币量将导致利率反方向变化。

By extending the law of value from a single period to different periods,we can lay a solid value foundation for the theory of interest rate determination and monetary policy.Firstly,according to the generalized law of value,the interest rate of any period to another period rises with the rise of monetary value in the previous period,and then decreases with the rise of monetary value in the subsequent period.Secondly,because the monetary value of any period equals the total amount of labor divided by the total price in the corresponding period,the interest rate rises with the increase of the total amount of labor in the previous period and the total price in the latter period,and decreases with the increase of the total price in the former period and the total amount of labor in the latter period.Finally,since the total price of any period is equal to the product of the quantity of money and the velocity of money circulation in the corresponding period,the interest rate also decreases with the increase of the product in the previous period and increases with the increase of the product in the subsequent period.Under the assumption that the elasticity of money circulation speed relative to money quantity is greater than negative one,the change of money quantity by the government will lead to the change of interest rate in the opposite direction.