The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Bernácer, Germán (1883–1965)

  • Mauro Boianovsky
Reference work entry


Bernácer contributed to macroeconomics the concept of ‘disposable funds’ and a new theory of interest. A lag between received and disbursed income underlies his view that aggregate equilibrium in the goods market emerges only if the amount of disposable funds is the same at the beginning and at the end of the period. Bernácer also argued that the rate of interest was determined outside the production system by land purchases and sales in the assets market. Economic fluctuations are decided by oscillations in the amount of disposable funds determined by the interaction between the markets for goods and for old assets.


Aggregate equilibrium Bernácer, G. Böhm–Bawerk, E. von Business cycles Cash-in-advance constraint models Crowding out Disposable funds Economic geography Economic integration Effective demand George, H. Interest rate determination IS–LM model Keynes, J. M. Liquidity constraints Money Natural rate and market rate of interest Physiocracy Robertson, D. Saving–investment equality School of Salamanca Speculative markets Stabilization policies Stocks and flows Turgot, A. R. J 

JEL Classifications

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Mauro Boianovsky
    • 1
  1. 1.