Year: 2006
Author: Graff, Michael, Müller, Christian
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 126 (2006), Iss. 4 : pp. 565–603
Abstract
The paper reconstructs the origins of the quantity theory of money and its applications. Referring to the history of money, it is shown that the theory was flexible enough to adapt to institutional change and could thus maintain its actuality. To this day, it is useful as an analytical framework, but due to Goodhart's Law, it nowadays has only limited potential to guide monetary policy. Finally, an empirical analysis drawing on data from Switzerland and the Euro zone confirms a stationary relationship between the quantity of money and GDP.
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/schm.126.4.565
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 126 (2006), Iss. 4 : pp. 565–603
Published online: 2006-04
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 39
Author Details
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Publications on financial history 2006
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https://doi.org/10.1017/S0968565008000218 [Citations: 1] -
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