Money, Prices and Monetary Policy

Albert Marcet

No 1268, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: This paper argues that high frequency data on money and prices is consistent with the basic principles of the quantity theory of money plus a very simple theory to explain the behavior of the monetary authority. We explore a large data set of more than 100 countries for over 40 years. In particular, we argue that the lack of correlation between money and prices at high frequency data does not imply that money has no effect on inflation.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed009:1268

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