| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8049 |
| DP8049 Is Quantity Theory Still Alive? | |
| Pedro Teles; Harald Uhlig | |
| 发表日期 | 2010-10-18 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best. Second, the fit markedly improves, when correcting for variation in output growth and the opportunity cost of money, using elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low elasticity of money demand. |
| 主题 | International Macroeconomics |
| 关键词 | inflation Money demand Quantity theory of money |
| URL | https://cepr.org/publications/dp8049 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536872 |
| 推荐引用方式 GB/T 7714 | Pedro Teles,Harald Uhlig. DP8049 Is Quantity Theory Still Alive?. 2010. |
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