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Real bills doctrine
The real bills doctrine asserts that money should be issued in exchange for short-term real bills of adequate value. This theory is in opposition to the quantity theory of money which states that money supply has a direct, positive relationship with the price level.
==Definition==
According to the Real Bills Doctrine, unrestricted intermediation either by private banks or by a central bank has a beneficial economic effect. The doctrine proposes unrestricted discounting of real bills – evidences of indebtedness which, in accordance with Adam Smith's definition, are safe or free of default risk. The doctrine asserts that one function of banks is to issue notes or similar liabilities that are more convenient and easily held as assets than the bills being discounted. The keystone of the doctrine is that no government regulation ought to restrict the scope of such intermediation. In particular, market forces through competitive banking can be relied on to prevent excess credit creation. Moreover, if there happen to exist regulations that inhibit private intermediation - for example regulations that prohibit banks from issuing bearer notes that make a central bank the monopoly issuer of currency-like assets, then the central bank ought to conduct open-market operations or provide a discount window in order to vitiate such restrictions. By doing this, it brings together borrowers and lenders who might otherwise not be matched.〔https://www.minneapolisfed.org/research/sr/sr64.pdf The Real Bills Doctrine Vs. The Quantity Theory: A Reconsideration, Minneapolis Federal Reserve Research〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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