Here. He summarizes it in this way: "I frame Hayek's liquidationism as wanting to reorganize the pattern of trade, while MV stability is supposed to maintain the volume of trade."
The issue of course being that these two may be at cross-purposes.
And once again - stable MV offers the opportunity for modest counter-cyclicality, but it's still generally speaking a policy of deflation. "Good deflation" maybe, in the sense of it being a productivity norm, but that still can have bad implications in a macroeconomy with frictions. So even Hayek's "anti-liquidationism" is more liquidationist than what most people are talking about.
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