- money stimulates trade,
- real cost-push forces determine the price level and the inflation rate,
- the interest rate is a purely monetary variable whose level, high or low, is proof of the scarcity or abundance of money,
- idle hoards absorb any cash not employed in driving trade,
- causality runs from prices and real activity to money such that the money stock passively adapts to the needs of trade,
- overissue is impossible when the money stock is backed by the nominal value of real property, and
- discretion outperforms rules in the conduct of monetary policy.
Can you identify yourself? If not, that's fine. If you do, return to start and study anew.
