In theory, a discretionary central bank could limit the quantity of money and achieve long-run price stability by controlling the growth of nominal final demand.
FORBES: The Federal Reserve's Flawed Approach To Monetary Policy
But there is a limit to the ability to substitute quality for quantity, and the U.S. has exceeded that limit.
CENTERFORSECURITYPOLICY: Section IV: Building a Two-MRC Force for the 21st Century
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