TAVLAS, GEORGE S. - In: Journal of Money, Credit and Banking 47 (2015) 1, pp. 99-121
This paper examines the different policy rules proposed by Henry Simons, who, beginning in the mid‐1930s, advocated a price‐level stabilization rule, and by Milton Friedman, who, beginning in the late‐1950s, advocated a rule that targeted a constant growth rate of the money supply....