to hold money over time - and due to convertibility there is no means by which the Friedman rule can generate deflation … activity, so the optimal quantity of money is inherently stochastic. Efficiency in such an environment requires the capacity to … expand the money supply on an “as needed” basis. We show how a debt-based payments system that relies on banks to certify the …

to hold money over time - and due to convertibility there is no means by which the Friedman rule can generate deflation … activity, so the optimal quantity of money is inherently stochastic. Efficiency in such an environment requires the capacity to … expand the money supply on an "as needed" basis. We show how a debt-based payments system that relies on banks to certify the …