Interest and Prices
With the collapse of the Bretton Woods system, any pretense of a connection of the world''s currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account?
Inter...
With the collapse of the Bretton Woods system, any pretense of a connection of the world''s currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account?
Inter...
