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Unrestrained Credit In A Credit Economy, The Credit Cycle, And Fiat Money Defy Monetarism In The Attempt to Control Price Level Changes
Monetarists maintain that changes in the price level are attributable to the level of the money supply. Hence, price stability has been the rationale for the money supply rule derived from the Quantity Theory of Money. Consequently, to curb inflation, the general price level index is the lever for
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