"Black said that if the Fed could affect asset allocation, or if there were “lags” as Friedman taught in the effect of Fed monetary policy actions on the public’s money-holding outcomes, the profit opportunities in arbitrage would be gigantic."
"The debate over this point raged in the 1970s, when Fischer Black, at the University of Chicago, went into Friedman’s money seminar and proved, mathematically, that the central bank cannot originate or control the supply of money."
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