The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back
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Fiat money contains the seeds of its own destruction. It has no intrinsic value and, yet, it can be exchanged for valuable consumption and production goods. As Hahn (1965) shows, this situation puts fiat money's market value or liquidity premium at the brink of collapse. In this paper I will argue
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美国国家经济研究局创建时间：
2012-08-01
