A deflationary monetary policy is responsible for the prolonged economic stagnation in Japan in the decade of the nineties. Monetary policy in the recent period contrasts with the nominal output targeting of the prior period that produced stability in both the price level and real growth

When the quantity theory is exposited in a way that takes account of the actual practice followed by monetary authorities of setting a target for the rate of interest, it provides a useful framework for understanding monetary policy procedures. The quantity theory also highlights the importance...

British monetary experience in the nineteenth century was extremely rich both in terms of the development of the quantity theory and in terms of the evolution of views of the role of the Bank of England in the international gold standard. One can ask, should or could the early Federal Reserve...