Money as Stock: Price Level Determination with no Money Demand
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I show that a determinate, finite price level can be achieved in an economy with no monetary frictions, and no commodity standard or other explicit redemption commitment. I make one small modification to a standard cash in advance model: I reopen the security market at the end of the day. With this
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美国国家经济研究局创建时间：
2000-01-01
