Some 45 years ago, in his paper The Counter-Revolution in Monetary Theory, Milton Friedman observed: “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”
Ever since, the first part of this quote became the dictum of the central bankers’ view of monetary policy.
But not as much the part saying...
Subscribe from just €1 for the first month!
All Digital Access + eReader
Unlimited Access for 1 Month
Then €19.99 a month after the offer period.
€149 For the 1st Year
Unlimited Access for 1 Year
90 Day Pass
Get a Business Account for you and your team