Readings in Money and Banking |
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Page 131
... income were constant , that is , if velocity were unchanging , monetary stability would be a simple matter of maintaining a stable stock of money or a stock growing at a stable rate . The real challenge of monetary policy arises because ...
... income were constant , that is , if velocity were unchanging , monetary stability would be a simple matter of maintaining a stable stock of money or a stock growing at a stable rate . The real challenge of monetary policy arises because ...
Page 138
... income so that A.3 can be written as ( A.4 ) md / ( y ) = f ( pe , r , re , Z ) . Further assume that s = 1 , so ... income is less than one . If this is the case , the percentage change in real money balances will be less than the ...
... income so that A.3 can be written as ( A.4 ) md / ( y ) = f ( pe , r , re , Z ) . Further assume that s = 1 , so ... income is less than one . If this is the case , the percentage change in real money balances will be less than the ...
Page 300
... income and was followed by a lengthy period of recovery . This suggests that the two periods should be handled separately . Examining the devia- tions from trend ( using the subperiod trends ) suggests that real per capita income was ...
... income and was followed by a lengthy period of recovery . This suggests that the two periods should be handled separately . Examining the devia- tions from trend ( using the subperiod trends ) suggests that real per capita income was ...
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