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Does bad money drive out good money?

realitykeeper · 2018-10-31 10:22:27

According to the economist Mike Maloney, the ancient Greeks and Romans tried to finance war by mixing cheap metals like copper with gold when minting coins. The coins had the same value printed on them but everyone could see the difference between coins that had copper in them and the pure gold coins that were originally…

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#32 08-11-2018 1:32am
Geuze

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http://noahpinionblog.blogspot.com/2014/03/the-finance-macro-canon.html

Noah Smith has a post that is rightly dismissive of the conservative obsession with QE’s inflationary potential. He says this view is widely held in the finance community, and labels it the Finance Macro Canon (FMC.) He attributes this belief to numerous factors, including:

2. The lingering influence of Milton Friedman and the monetarists. Friedman told us that easy monetary policy causes inflation. His insights form the core of the New Keynesian research program that has come to more-or-less dominate central bank thinking.

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