Readings in Money and Banking |
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Page 136
... effect on the level of velocity but , perhaps , only a temporary effect on its growth rate . An innovation that lowers the cost of holding M1 relative to non - M1 assets induces a shift out of non - M1 into M1 assets , per- manently ...
... effect on the level of velocity but , perhaps , only a temporary effect on its growth rate . An innovation that lowers the cost of holding M1 relative to non - M1 assets induces a shift out of non - M1 into M1 assets , per- manently ...
Page 145
... effect of the inflation was to bring about a continuous instability of both imports and exports . Moreover , the two were tied together . German industry largely worked with for- eign raw materials ; it had to import in order to export ...
... effect of the inflation was to bring about a continuous instability of both imports and exports . Moreover , the two were tied together . German industry largely worked with for- eign raw materials ; it had to import in order to export ...
Page 153
... effect in altering the distribution of wealth between different classes , Inflation in this respect being the worse of the two . Each has also an effect in overstimulating or retard- ing the production of wealth , though here Deflation ...
... effect in altering the distribution of wealth between different classes , Inflation in this respect being the worse of the two . Each has also an effect in overstimulating or retard- ing the production of wealth , though here Deflation ...
Contents
Why Bother? | 3 |
The Theory of Money | 12 |
The Evolution of | 23 |
Copyright | |
18 other sections not shown
Common terms and phrases
assets balance bank failures bank notes Bank of England bank's bankers banking crises banking panics banking system bonds borrow branch banking capital cash central bank changes charter circulation clearinghouse commercial banks commodity money costs countries crisis currency demand deposits deposit insurance depositors discount dollar economic economists effect excess demand exchange Federal Reserve Bank Federal Reserve System fractional-reserve banking free banking funds George Selgin gold standard growth rate History income increase inflation inside money institutions interest rates investment last resort lender of last liabilities loans losses ment Milton Friedman monetary authority monetary policy money supply national banks natural rate note issue noteholders operations payments percent period price level price of gold production profits purchasing power rate of interest real output real rate redeem regulation reserve requirements restrictions rise rule securities stability theory thrifts tion trade trend United value of money velocity wages wildcat banking York