期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2013
出版社：European Central Bank
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.
关键词：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.
