The real bills doctrine vs. the quantity theory
Subtitle: a reconsideration
By: Thomas J. Sargent and Neil Wallace
Contributors: Wallace, Neil
Series: Staff report -- #64; Staff report (Federal Reserve Bank of Minneapolis. Research Department : Online) -- 64.
Publisher: Federal Reserve Bank of Minneapolis
Published: 1981
Place of publication: Minneapolis, Minn.]
Language: eng
Format: [electronic resource] :
Subjects: Money; Credit; Quantity theory of money
Description: "On our interpretation, real bills advocates favor unfettered intermediation, while their critics, who we call quantity theorists, favor legal restrictions on intermediation geared to separate "money" from "credit". We display examples of economies in which quantity-theory assertions about "money-supply" and price-level behavior under the real bills regime are valid.  In particular, both the price level and an asset total that quantity theorists would identify as money fluctuate more under a real bills regime than under a regime with restrictions like those favored by quantity theorists. Despite this, the Pareto criterion does not support the quantity-theory position"--Federal Reserve Bank of Minneapolis web site.
Notes: Title from PDF file as viewed on 10/16/2007.

Includes bibliographical references.

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