... clear,butnottooloud.Allof a suddenthevolumejumpsup,thendown,thenupagain,andsoon.Thechanges in volumearesuperfluousatbest: eveniftheydonotalter a singlenote,theyarecertainly distracting,andtheycertainlyarenot an accurateandtransparentreflectionofwhatBachintended.Theonlyvaluableinformationtheyconvey ... a resultofsomechange in thenominalquantityorvelocityofmoney,leadingto a change in theoveralldemandforfinalgoodsandseIVices,thatis, in aggregatespendingor'nominalincome'. A centralbankmight, in principleatleast,managethestockofmoneyso ... t.herandomnat.ureofinnovat.ionstoproductivity.15theory: Yeager rejectstheview,encountered in certainclassicalandNew Classical writings,thatchanges in thestockof ordemandformoneycanleadtoinstantaneous,uniformandtransparentadjustments in allmoneyprices,withoutalteringpatternsofproductionandconsumption.Insteadofsubscribingtoa...