We examine the behavior of money, inflation, and output under fiat and commodity standards to better understand how … fiat standards, the growth rates of various monetary aggregates are more highly correlated with inflation and with each … other than under commodity standards. Money growth, inflation, and output growth are also higher. In contrast, we do not …

harmless or even beneficial for as long as inflation stays low. The book shows that the present crisis is the unavoidable … harmless or even beneficial for as long as inflation stays low. The book shows that the present crisis is the unavoidable …