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In economics, inflation is a general increase in the prices of goods and services in an economy. This is usually measured using the consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices faced by households do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose.
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George Selgin is an American economist. He is Senior Fellow and Director Emeritus of the Cato Institute's Center for Monetary and Financial Alternatives, where he is editor-in-chief of the center's blog, Alt-M, Professor Emeritus of economics at the Terry College of Business at the University of Georgia, and an associate editor of Econ Journal Watch. Selgin formerly taught at George Mason University, the University of Hong Kong, and West Virginia University.
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Thomas MacGillivray Humphrey was an American economist. Until 2005 he was a research advisor and senior economist in the research department of the Federal Reserve Bank of Richmond and editor of the bank's flagship publication, the Economic Quarterly. His publications cover macroeconomics, monetary economics, and the history of economic thought. Mark Blaug called him the "undisputed master" of British classical monetary thought.
David I. Meiselman was an American economist. Among his contributions to the field of economics are his work on the term structure of interest rates, the foundation today of the implementation of monetary policy by major central banks, and his work with Milton Friedman on the impact of monetary policy on the performance of the economy and inflation.
The real bills doctrine says that as long as bankers lend to businessmen only against the security (collateral) of short-term 30-, 60-, or 90-day commercial paper representing claims to real goods in the process of production, the loans will be just sufficient to finance the production of goods. The doctrine seeks to have real output determine its own means of purchase without affecting prices. Under the real bills doctrine, there is only one policy role for the central bank: lending commercial banks the necessary reserves against real customer bills, which the banks offer as collateral. The term "real bills doctrine" was coined by Lloyd Mints in his 1945 book, A History of Banking Theory. The doctrine was previously known as "the commercial loan theory of banking".
References
- 1 2 "David Glasner". ftc.gov. Federal Trade Commission. 18 November 2013. Archived from the original on 18 September 2021.
- 1 2 3 "David Glasner". Antitrust Writing Awards. Concurrences. Archived from the original on 18 September 2021.
- ↑ "About". Uneasy Money. 27 June 2011. Archived from the original on 10 September 2021.
- ↑ Rockoff, Hugh (1991). "Free Banking and Monetary Reform. By David Glasner. New York: Cambridge University Press, 1989. Pp. xvi, 276. $32.50". The Journal of Economic History. 51 (1): 262–263. doi:10.1017/S0022050700038857. S2CID 154859554.
- ↑ Johnson, Omotunde E. G. (1999). ""Money and the Nation State: The Financial Revolution, Government, and the World Monetary System", edited by Kevin Dowd and Richard Timberlake (Book Review)". Finance and Development. 36 (2): 53.
- ↑ "David Glasner". Google Scholar . Retrieved 18 September 2021.
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