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dc.contributor.authorHillinger, Claudeen_US
dc.contributor.authorSüssmuth, Bernden_US
dc.contributor.authorSunder, Marcoen_US
dc.date.accessioned2012-03-12en_US
dc.date.accessioned2012-03-13T16:25:28Z-
dc.date.available2012-03-13T16:25:28Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/55878-
dc.description.abstractWe introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the money stock and inflation. We believe that this is an inferior starting point for several reasons and focus instead on the Cambridge form of the QTM. We find that the coefficient k fluctuates strongly in the short run, but has a low and steady rate of change in the long run, which makes the QTM a useful instrument for the long-run control of inflation. An important finding that contradicts all of the previous literature is that the QTM holds for low inflation as well as for high inflation. We discuss how our findings relate to monetarism generally and propose an adaption of McCallum's rule for a Friedmanian monetary policy.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper: Monetary Policy and International Finance 3754en_US
dc.subject.jelE31en_US
dc.subject.jelE41en_US
dc.subject.jelE51en_US
dc.subject.jelE59en_US
dc.subject.ddc330en_US
dc.subject.keywordCambridge equationen_US
dc.subject.keywordFriedman's k ruleen_US
dc.subject.keywordmonetarismen_US
dc.subject.keywordquantity theoryen_US
dc.subject.stwQuantitätstheorieen_US
dc.subject.stwKassenhaltungsansatzen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwGeldmengensteuerungen_US
dc.subject.stwMonetarismusen_US
dc.subject.stwSchätzungen_US
dc.subject.stwWelten_US
dc.titleThe quantity theory of money and Friedmanian monetary policy: An empirical investigationen_US
dc.typeWorking Paperen_US
dc.identifier.ppn688335268en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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