Money, Credit and Price Stability

In this innovative new work Dalziel derives a model that suggests a number of ways in which policymakers can promote the economy's highest possible sustainable growth rate, without sacrificing price stability.

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Beginning with the development of credit-money theory in the twentieth century, Paul Dalziel derives a model that explains how interest rates are used by authorities to maintain price stability. His conclusions suggest ways in which the current policy framework can be improved to promote growth, without sacrificing that stability.