The quantity-theory of money
In: Journal of political economy, Band 32, S. 265-281
ISSN: 0022-3808
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In: Journal of political economy, Band 32, S. 265-281
ISSN: 0022-3808
In: Journal of political economy, Band 32, Heft 3, S. 265-281
ISSN: 1537-534X
In: Economics research studies of the Economics Research Center of the University of Chicago
The paper reconstructs the origins of the quantity theory of money and its applications. Against the background of the history of money, it is shown that the theory was flexible enough to adapt to institutional change and thus succeeded in maintaining its relevance. To this day, it is useful as an analytical framework. Although, due to Goodhart's Law, it now has only limited potential to guide monetary policy and was consequently abandoned by most central banks, an empirical analysis drawing on a panel data set covering more than hundred countries from 1991 to the present confirms that the theory still holds: a positive correlation between the excess growth rate of the stock of money and the rate of inflation cannot be rejected. Yet, while the correlation holds for the whole sample, proportionality is driven by a small number of influential observations with very high inflation.
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In: Economica, Band 24, Heft 96, S. 366
In: The Economic Journal, Band 69, Heft 276, S. 773
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Working paper
The paper reconstructs the origins of the quantity theory of money and its applications. Against the background of the history of money, it is shown that the theory was flexible enough to adapt to institutional change and thus succeeded in maintaining its relevance. To this day, it is useful as an analytical framework. Although, due to Goodhart's Law, it now has only limited potential to guide monetary policy and was consequently abandoned by most central banks, an empirical analysis drawing on a panel data set covering more than hundred countries from 1991 to the present confirms that the theory still holds: a positive correlation between the excess growth rate of the stock of money and the rate of inflation cannot be rejected. Yet, while the correlation holds for the whole sample, proportionality is driven by a small number of influential observations with very high inflation.
BASE
In: Journal of political economy, Band 60, Heft 5, S. 443-444
ISSN: 1537-534X
In: International journal of economic policy in emerging economies: IJEPEE, Band 8, Heft 4, S. 292
ISSN: 1752-0460
In: Studies in economics
In: History of political economy, Band 6, Heft 2, S. 200-219
ISSN: 1527-1919
In: The Indian economic journal, Band 50, Heft 1, S. 90-96
ISSN: 2631-617X
SSRN
Working paper
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Working paper