Controlling the Growth of Monetary Aggregates

Karl Brunner Monetary affairs have preoccupied observers over the ages. In the middle of the 14th century, the chaos in the French currency system after many rounds of currency debasement attracted comments expressing helpless confusion. Goethe''s Mephistopheles convinced the imperial court to inflate with paper money "for the benefit of the public" and to satisfy all the demands on the government...