Lothian, James R.; Tavlas, George S. - 2016
generate changes in the money supply with the aim of stabilizing output at full employment. He believed that the economy is … inherently unstable because of endogenous movements in money supply under a fractional-reserve banking system. In her work, Anna … Schwartz downplayed the role of monetary factors of business cycles and the role of monetary policy as a stabilization tool. We …