Financial intermediation and control of the level of prices

Eugene Fama
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Eugene Fama: University of Chicago

Ekonomicheskaya Politika / Economic Policy, 2013, 161—185

Abstract: As money and deposits are not complete substitutes for all transactions, the simplified financial systems are used to control the level of prices, which is a sufficient condition for control of the money supply. An important factor is that the management of the money supply that controls the level of prices does not include financial intermediation. Thus, the problem of regulating the level of prices has never been compared with the availability of credit to finance real business activity.

Keywords: currency; money; deposits; financial system (search for similar items in EconPapers)
Date: 2013
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