We examine the behavior of money, inflation, and output under fiat and commodity standards to better understand how changes in monetary policy affect economic activity. Using long-term historical data for 15 countries, we find that, under fiat standards, the growth rates of various monetary...

Verl.Beschr.: Das Geld kommt vom Staat! Das stellt eigentlich niemand infrage. Sollten Sie aber. Denn Deutschland hat wie alle Länder der Welt ein reines Papiergeldsystem, in dem neues Geld aus dem Nichts entsteht. Andreas Marquart und Philipp Bagus zeigen Ihnen, wie Geld entsteht und warum...

The recent rise of dollar, pound, and euro inflation rates has rekindled the debate over potential alternative monies, particularly gold and Bitcoin. Though Bitcoin has been much discussed in recent years, a basic understanding of how it and gold would work as monetary standards is rare....