Munich Personal RePEc Archive

The theory of money supply: a case study

Taylor, Leon (2014): The theory of money supply: a case study.


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The theory of money supply is less developed than that of money demand, largely because 19th-century economists believed that money was unimportant and because they viewed the central bank as either an appendage to the economy or as a welfare-maximizing black box. The paper reviews each of these beliefs in turn.

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