 Prices and the Quantity of Circulating Medium, 1890–1921Holbrook Working The Quarterly Journal of Economics, 1923, vol. 37, issue 2, 228-256 Abstract: An attempt to find a method for forecasting price changes develops important theoretical conclusions. — The quantity theory of money furnishes a basis for an hypothesis (229), a test of which requires an index number of general price level, an index number of total circulating medium, and an index number of the normal value of V/T, 234. — The reciprocal of the latter is an index of the circulating medium necessary to maintain a constant price level, 239. — From the index number of circulating medium and the index number of the normal value of V is calculated an index number of normal price level, 000. — This index number compared with the index number of actual price level, 1890–1916, shows a good correlation with a lag apparently slightly less than one year, 242; which substantiates the original hypothesis, as applied to that period, 245. — The hypothesis, however, does not explain the price changes of 1917–20, 246. — Some related conclusions, 248.— Supplementary note, 252. — Appendix: Construction of the index number of circulating medium, 253. Date: 1923 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:oup:qjecon:v:37:y:1923:i:2:p:228-256. Ordering information: This journal article can be ordered from Access Statistics for this article The Quarterly Journal of Economics is currently edited by Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva More articles in The Quarterly Journal of Economics from President and Fellows of Harvard College |
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