Das heutige Kreditgeldsystem wird von Kritikern zunehmend infrage gestellt. Vertreter von Vollgeld und Full Reserve Banking postulieren, dass die dezentrale Giralgeldschöpfung der Banken destruktive Boom-Bust-Zyklen, finanzielle Instabilitäten sowie strukturelle Verschuldungs- und...

I would like to address four interrelated topics, on which the central banking community has been known to pronounce: the one instrument, one-target story about money and inflation; the no-long-run tradeoff story that morphs into a no short-run tradeoff story; the problem of the exchange rate...