美国《联邦储备法》的理论基础

A Theoretic Basis for the "Law of Federal Reserve" of U.S.

1913年《联邦储备法》的理论基础是真实票据理论。该理论主张通过合格商业票据的贴现机制,即对商业票据的贴现实施质的控制,使货币和信贷供给与农工商业生产流通保持同步,从而避免货币供给的短缺或膨胀。真实票据理论与货币数量理论是相对立的。与中央银行体系结合的真实票据理论,不是自由放任主义的,而是一种被动适应经济周期的理论。20年代早期,美联储开始放弃以这一理论为基础的消极的货币政策,转而实行积极的货币政策。

The Real Bill Theory is the theoretic basis of the 1913 ' Law of Federal Reserve'. It proposes that currency and credit supplies should keep pace with the production and circulation of agriculture, science, and commerce, by a discount mechanism of qualified commercial bills, that is, a quality-controlled discount of commercial bills. The Real Bill Theory is antagonistic to the Theory of Currency Quantity. Combined with the Central Banking System, the Real Bill Theory is not unrestrained; instead, it is a theory passively adjusted to the economic cycle. In the early 1920s, the American Federal Reserve gave up the passive currency policy based on this theory and turned to an active currency policy. The legislation in the 'New Deal' proclaimed in the final analysis the break-down of the Real Bill Theory.