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The Evolution of a Common Monetary Medium
2 THE DETERMINATION OF THE PRICE LEVEL
The Determination of the Price Level
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acceleration principle actual inflation AP/P Aubrey barter Bernice bike Cecil Chapter coat coins commodity constant crowns deflation demand deposits demand for money demand for real economist economy effect endowment endowment equal equilibrium excess demand excess supply expected inflation rate fall Federal Reserve System fiat money fractional reserve banking fully anticipated inflation grams of gold higher hyperinflations income velocity increase indirect exchange inflationary expectations inflationary finance Irving Fisher loans medium of indirect metallic Milton Friedman monetarist monetary growth nominal cash balances nominal interest rate nominal money supply Phillips curve price controls price index price level Problem purchasing power quantity equation quantity theory rate of monetary rate of return real cash balances real income real interest rate real rate real terms revenue runaway inflation self-generating inflation silver supply of money Terms to Remember tion transactions velocity wages Walras