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dc.contributor.authorGraff, Michaelen_US
dc.date.accessioned2008-10-30en_US
dc.date.accessioned2011-10-06T15:39:16Z-
dc.date.available2011-10-06T15:39:16Z-
dc.date.issued2008en_US
dc.identifier.pidoi:10.3929/ethz-a-005582276en_US
dc.identifier.urihttp://hdl.handle.net/10419/50322-
dc.description.abstractThe 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.en_US
dc.language.isoengen_US
dc.publisherKOF Zürichen_US
dc.relation.ispartofseriesKOF working papers // Konjunkturforschungsstelle, Eidgenössische Technische Hochschule Zürich 196en_US
dc.subject.jelB10en_US
dc.subject.jelE41en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.keywordQuantity theory of moneyen_US
dc.subject.keyworddemand for moneyen_US
dc.subject.keywordmonetary targetingen_US
dc.subject.stwQuantitätstheorieen_US
dc.subject.stwGeldnachfrageen_US
dc.subject.stwGeldpolitisches Zielen_US
dc.subject.stwFinanzwissenschaftliche Dogmengeschichteen_US
dc.subject.stwWelten_US
dc.titleThe quantity theory of money in historical perspectiveen_US
dc.typeWorking Paperen_US
dc.identifier.ppn584003528en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:KOF Working Papers, KOF Konjunkturforschungsstelle, ETH Zürich

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