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| Tekijä: | Rolnick, A. J. Weber, W. E. |
| Otsikko: | Money, inflation, and output under fiat and commodity standards |
| Lehti: | Journal of Political Economy
1997 : DEC, VOL. 105:6, p. 1308-1321 |
| Asiasana: | MONETARY POLICY CHANGE ECONOMIC EFFICIENCY MONEY INFLATION OUTPUT |
| Kieli: | eng |
| Tiivistelmä: | The behavior of money, inflation, and output under fiat and commodity standards are examined to better understand how changes in monetary policy affect economic activity. Using long-term historical data, it is found that, under fiat standards, the growth rates of various monetary aggregates are more highly correlated with inflation and each other than under commodity standards. Inflation, money growth, and output growth are also higher. No evidence was found that money growth is more highly correlated with output growth under one standard than under the other. |
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