罗斯巴德在一篇题为《奥地利学派的货币理论》的论文中,将货币扩张导致经济周期的过程总结为三个阶段:第一个阶段是信用扩张带来虚假的繁荣阶段。在这一阶段,由于货币发行者信用扩张的内在动机,导致物价暂时性的上涨,公众期待物价下跌而增加对货币现金余额的需求。结果,价格上涨比例常常低于货 In his essay entitled “The Monetary Theory of the Austrian School,” Rothbard summarizes the process of monetary expansion leading to the economic cycle into three phases: the first phase is the false boom in credit expansion. At this stage, due to the temporary motivation of the currency issuer’s credit expansion, which leads to a temporary rise in the price, the public is expecting the price drop to increase the demand for monetary cash balances. As a result, the rate of price increases is often lower than that of goods