Is quantity theory still alive?
By: Pedro Teles, Harald Uhlig
Contributors: Uhlig, Harald, 1922-; National Bureau of Economic Research
Series: NBER working paper series -- working paper 16393; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16393.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] /
Description: "This paper investigates whether the quantity theory of money is still alive.  We argue that it is, but that the slippage is not negligible.  For countries with low inflation, the relationship between average inflation and the growth rate of money is tenuous at best.  A correction for variation in output growth and the opportunity cost of money, using theory implied elasticities, helps explain the slippage.  For the period since 1990, inflation targeting at low rates of inflation makes it harder to establish the long run relationship between monetary growth and inflation"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 2/8/2011.

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