Commentary
In his various writings, the leader of the monetarist school of thought, Milton Friedman, argued that there is a variable time lag between changes in money supply and its effect on real output and prices. Thus, Friedman wrote:
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Frank Shostak
Author
Frank Shostak, Ph.D., is an associated scholar of the Mises Institute. His consulting firm, Applied Austrian School Economics, provides in-depth assessments and reports of financial markets and global economies. He has taught at the University of Pretoria and the Graduate Business School at Witwatersrand University.
