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The evolution of monetary policy rules |
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| Institution: | 1. School of Computer Science, South China Normal University, Guangzhou, China;2. School of Computer Science, Electrical and Electronic Engineering, and Engineering Maths, University of Bristol, UK;3. Department of Information and Management Science, Guangxi Normal University, Guilin, China |
| Abstract: | This article examines the evolutionary forces involved in the development of monetary policy rules over time, considering in particular how these relate to proposals made by Milton Friedman and Walter Bagehot. The lines between money and credit and between monetary and fiscal policy are given special focus. |
| Keywords: | Friedman 1948 rule Friedman 1960 rule Free banking 100% reserve requirement |
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