We 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 15 countries, we find that, under fiat standards, the growth rates of various monetary...

"This paper analyzes the variability of output under money supply and exchange rate rules in an open economy in which the slope of the aggregate supply curve depends on the variances of aggregate demand and market-specific innovations. It demonstrates that results regarding the dominance of one...