Money and inflation in colonial Massachusetts.

From: Federal Reserve Bank of Minneapolis Quarterly Review | Date: September 22, 2002| Author: Smith, Bruce D. | Copyright information

A view common to nearly all economists is that, over a sufficiently long period of time, the rate of growth of the money supply is the key determinant of the rate of inflation. An extreme (but not uncommon) version of this view is that inflation can be controlled merely by preventing rapid growth of money, independently of other forces at work in an economy. The idea that rates of money growth and inflation are intimately related is based, at least in part, on what might be called a...

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