Luther, William; Salter, Alexander - In: The Review of Austrian Economics 25 (2012) 3, pp. 263-269
that price stickiness is a poor justification for advocating a flexible money supply through the issuing of fiduciary media … under central or free banking. They view the contraction in output following an exogenous increase in money demand as an … optimal response, worry about redistribution effects from the issuance of fiduciary media, and claim a changing money supply …