Nobuhiro-Kiyotaki-John-Moore-货币是一切罪恶的根源（信用链条与时际匹配）.pdfVIP

‘ Clarendon Lectures Lecture 1 _________ EVIL IS THE ROOT OF ALL MONEY by Nobuhiro Kiyotaki London School of Economics and John Moore Edinburgh University and London School of Economics 26 November 2001 1 It is an honour to have been invited to give the Clarendon lectures. Thank you. My lectures are based on joint research with Nobu Kiyotaki of the L.S.E. I was originally scheduled to perform here a year ago, but we were still in the midst of our research then. You know the old saying: research is like sausages. The finished article can be delicious. But people don’t want to see what goes into the making of it. Had I told you about our research last November, it would have been just offal. So I asked Andrew Schuller of O.U.P. to postpone the lectures, and he kindly agreed. The extra time has allowed us to develop the research, especially for tomorrow’s lecture. The sausages are now seasoned, and ready for the table. The overall title for the lecture series is Money and Liquidity. But let me say straight away that, of these two, we think liquidity is the key. Money -- that is, non-interest-bearing fiat money -- is merely the consequence of a liquidity shortage. As I shall explain later, money is not a logical necessity. Indeed, money may eventually disappear. It may be driven out by ultra-liquid, privately-issued securities that earn interest. In our view, Monetary Economics should be displaced by Liquidity Economics. That said, it is useful to start with money. From th