Abstract
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.
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Boianovsky, M. (2018). Bernácer, Germán (1883–1965). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2382
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2382
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