Brad DeLong sobre la equivalencia entre Hicks y Fisher

Aca

Back in 1937 John Hicks pointed out a symmetry between Fisherian monetary approaches and Wicksellian financial approaches to macroeconomics. Fisherian monetary approaches looked at how people divided their income between accumulating or decumulating liquidity and spending on other commodities in the context of an interest rate r that is determined someplace else. It was thus an incomplete theory. Wicksellian financial approaches looked at how people divided their income between accumulating or decumulating savings vehicles (including outside money) and spending on currently-produced goods and services in the context of an interest rate r that is determined someplace else.

First, it's a mistake, Hicks said, to complain that finance is absent from a Fisherian monetary approach--for finance is what determines the real interest rate r needed to make sense of MV(r+π) = PY.

And, second, Hicks said, it is a mistake to complain that money is absent from a Wicksellian financial framework--for money is what determines the nominal interest rate i needed to make sense of S(Y) = I(i-π, r*) + (G-T).