SFB 303 Discussion Paper No. A - 311

Author: Drees, Burkhard, and Bernhard Eckwert
Title: Price Level Fluctuations Under The Real-Bills Doctrine And The Quantity Theory
Abstract: In an economy where a banking system creates inside money by making short-term production loans, a laissez-faire real bills policy can lead to smaller fluctuations in the price level than a constant-money-supply quantitative theory policy.
Creation-Date: September 1990
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