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dc.contributor.author
Graff, Michael
dc.date.accessioned
2017-11-21T15:35:23Z
dc.date.available
2017-06-12T17:17:00Z
dc.date.available
2017-11-21T15:35:23Z
dc.date.issued
2008-04
dc.identifier.uri
http://hdl.handle.net/20.500.11850/124095
dc.identifier.doi
10.3929/ethz-a-005582276
dc.description.abstract
The 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.format
application/pdf
dc.language.iso
en
en_US
dc.publisher
KOF Swiss Economic Institute, ETH Zurich
dc.rights.uri
http://rightsstatements.org/page/InC-NC/1.0/
dc.subject
WIRTSCHAFTSTHEORIEN DES 19. UND 20. JAHRHUNDERTS
en_US
dc.subject
MONETARY POLICY
en_US
dc.subject
ECONOMIC PHILOSOPHY
en_US
dc.subject
WIRTSCHAFTSPHILOSOPHIE
en_US
dc.subject
ECONOMIC THEORIES OF 19TH AND 20TH CENTURY
en_US
dc.subject
NATIONAL BANKS + CENTRAL BANKS
en_US
dc.subject
GELDPOLITIK
en_US
dc.subject
NATIONALBANKEN + ZENTRALBANKEN
en_US
dc.title
The Quantity Theory of Money in Historical Perspective
en_US
dc.type
Working Paper
dc.rights.license
In Copyright - Non-Commercial Use Permitted
ethz.journal.title
KOF Working Papers
ethz.journal.volume
196
en_US
ethz.size
35 p.
en_US
ethz.code.ddc
DDC - DDC::3 - Social sciences::330 - Economics
en_US
ethz.identifier.nebis
005582276
ethz.publication.place
Zürich
en_US
ethz.publication.status
published
en_US
ethz.leitzahl
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute
en_US
ethz.leitzahl.certified
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute
ethz.date.deposited
2017-06-12T17:17:27Z
ethz.source
ECOL
ethz.source
ECIT
ethz.identifier.importid
imp59366abe2938679363
ethz.identifier.importid
imp593654f704f6567691
ethz.ecolpid
eth:30429
ethz.ecitpid
pub:186538
ethz.eth
yes
en_US
ethz.availability
Open access
en_US
ethz.rosetta.installDate
2017-07-26T14:35:05Z
ethz.rosetta.lastUpdated
2020-02-15T09:35:07Z
ethz.rosetta.versionExported
true
ethz.COinS
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