Quantity Theory of Money
In monetary economics, the quantity theory of money (QTM) states that the general price level of goods and services is directly proportional to the amount of money in circulation, or money supply. For example, if the amount of money in an economy doubles, QTM predicts that price levels will also double. The theory was originally formulated by Polish mathematician Nicolaus Copernicus in 1517, and was influentially restated by philosophers John Locke, David Hume, Jean Bodin, and by economists Milton Friedman and Anna Schwartz in A Monetary History of the United States published in 1963.The theory was challenged by Keynesian economics, …
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Bruegel · 14 February 2024 English
The launching of the monetary union project at the 1969 pean Union in the second half of the 1980s and the Delors Hague Summit – on the basis of which …
Paris: Odile CEC (1977) Report of the Study Quantity Theory of Money: Community,’ Delors Report, Jacob Group …
NBER: National Bureau of Economic Research · 8 December 2023 English
In this paper I analyze the work on exchange rates and external imbalances by University of Chicago faculty members during the university’s first hundred years, 1892-1992. Many people associate Chicago’s …
bimetallism. He also believed that the quantity theory of money was misleading. During the 1904 and 1910 … Laughlin versus Irving Fisher on the quantity theory of money, 1894 to 1913.” Oxford Economic Papers …
Cato Institute · 7 December 2023 English
who conserves the kind of inherited wisdom of his discipline.Monetarism is based on the quantity theory of money, an older idea that most economists in the 50s said, “it’s not really relevant anymore.” …
discipline. Monetarism is based on the quantity theory of money, an older idea that most economists in …
African Economic Research Consortium · 24 November 2023 English
The data showed structural breaks in 2004Q2, 2009Q3 and 2014Q3, which coincided with the 2004 banking consolidation, the 2009 Sanusi-led regulatory measures and the appointment of Godwin Emefiele as the …
monetary-targeting framework derives from the quantity theory of money, which proposes a direct relationship …
Individual Contributors to Policy Commons · 16 November 2023 English
state. pic.twitter.com/vioXHmz2wQ — John Paul Koning (@jp_koning) November 15, 2023 The post Quantity theory of money, or fiscal theory of the price level? appeared first on Marginal REVOLUTION. …
iscal-theory-of-the-price-level.html">Quantity theory of money, or fiscal theory of the price level?</a> …
IEA: Institute of Economic Affairs · 26 October 2023 English
There is the phrase that the ‘public are free to accept or reject bank cur- rency as they choose’ – the freedom of the public to reject a bank’s currency …
standard, and then the debate over the quantity theory of money, diverted attention from the earlier debates … testified that he had never heard of the quantity theory of money, and remarked further that ‘we do not …
NBER: National Bureau of Economic Research · 5 October 2023 English
We study the effects of an anticipated dollarization, announced today but planned to be implemented at some future date, in a simple open-economy model. Motivated by the profile of countries …
in Milton Friedman, ed., Studies in the Quantity Theory of Money, The University of Chicago Press, 1956 …
CESifo Network · 4 September 2023 English
Monetary Policy Surprises Shocks under Different Fiscal Regimes: A Panel Analysis of the Euro Area
Surico, P. (2011). Two illustrations of the quantity theory of money: Breakdowns and revivals. American Economic …
CESifo Network · 12 July 2023 English
The Effects of Monetary Policy Surprises and Fiscal Sustainability Regimes in the Euro Area
R. E. (1980). Two illustrations of the quantity theory of money. The American Economic Review, 70(5), … Surico, P. (2011). Two illustrations of the quantity theory of money: Breakdowns and revivals. American Economic …
IMF: International Monetary Fund · 30 June 2023 English
We assess the bivariate relation between money growth and inflation in the euro area and the United States using hybrid time-varying parameter Bayesian VAR models. Model selection based on marginal …
P. (2011), “Two Illustrations of the Quantity Theory of Money: Breakdowns and Revivals”, American Economic …
