The Resource Cost of Irredeemable Paper Money
自1971年以来，主要货币不再与商品挂钩，本文指出不可赎回纸币的实际资源成本被低估，因为长期价格可预测性下降，并探讨未来可能替代商品本位作为价格水平长期锚的机制。
Since 1971, no major currency has a formal link to a commodity. For the first time in history, every currency is wholly irredeemable, not as a temporary expedient but as a permanent matter. Monetary economists have generally treated irredeemable paper money as involving negligible real resource costs compared with a commodity currency. To judge from recent experience, that view is clearly false as a result of the decline in long-term price predictability. A key question for the future is, What if any substitute for a commodity standard will emerge as a long-term anchor for the price level?