"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 and credit are key themes of Allan H. Meltzer's ground-breaking work which is celebrated in this outstanding collection of his essays and papers. Money, Credit and Policy covers the demand for money, the relation of money to output, the role of credit and debt, regulation of financial...