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Source link: http://blog.mises.org/4169/real-bills-and-clearing/

Real Bills and Clearing

October 5, 2005 by

I am continuing my commentary on the Real Bills Doctrine of Antal Fekete. Well, not quite. The current essay deals entirely with the topic of clearing. The issue of Real Bills, claims Antal Fekete, will serve to supplement savings and therefore to enable more economic growth than would occur without them.

{ 1 comment }

Mike Sproul October 10, 2005 at 11:45 pm

Hi Robert:

You and Fekete are both viewing the RBD as a recipe for making the quantity of money move in step with the quantity of goods. A better way to look at the RBD is that it is a way to make the quantity of money move in step with its backing. See online:
http://www.econ.ucla.edu/workingpapers/wp830.pdf

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