Lothian, James R.; Tavlas, George S. - 2016
generate changes in the money supply with the aim of stabilizing output at full employment. He believed that the economy is … inherently unstable because of endogenous movements in money supply under a fractional-reserve banking system. In her work, Anna … show how the joint work of Friedman and Schwartz from 1948 to 1958 led Friedman to view money as the "primary mover" in the …