Financial intermediation and price level control |
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Authors: | Eugene F. Fama |
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Affiliation: | University of Chicago, Chicago, IL 60637, USA |
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Abstract: | Because currency and deposits are not perfect substitutes in all transactions, there are simplified financial systems in which control of the supply of currency is sufficient to control the price level. Most important, in a currency supply approach, price level control does not imply control of financial intermediation. Thus, price level goals never have to be weighed against the availability of credit to finance real activity. |
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