Money, Inflation, and Output under Fiat and Commodity Standards
利用15个国家的长期历史数据，比较法定货币与商品本位下货币、通胀和产出的行为，发现法定标准下货币增长与通胀相关性更高，且货币增长、通胀和产出增长也更高。
The authors examine the behavior of money, inflation, and output under fiat and commodity standards to better understand how changes in monetary policy affect economic activity. Using long-term historical data for fifteen countries, the authors find that, under fiat standards, the growth rates of various monetary aggregates are more highly correlated with inflation and with each other than under commodity standards. Money growth, inflation, and output growth are also higher. In contrast, the authors do not find that money growth is more highly correlated with output growth under one standard than under the other. Copyright 1997 by the University of Chicago.