Several Illustrations of the Quantity Theory of Money: 1947–1987 and 1867–1975

Anastasios Malliaris

Chapter 6 in Economic Uncertainty, Instabilities and Asset Bubbles:Selected Essays, 2005, pp 41-57 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThis paper explores empirical relationships that involve the five quantity theoretic variables: rates of change in money supply, velocity, real output, inflation and also short-term nominal interest rate. Unlike, earlier studies that employ, primarily, regression methods to identify statistical relationships, this study uses the two-side exponentially weighted moving average methodology. This method smooths the original data to various degrees depending on the values of a given weight parameter to exclude as much noise as possible and, thus identifies probable trends. Using intermediate-term and long-term data sets, some much analyzed quantity theoretic relationships are reconfirmed, some new ones are proposed and finally, some less known, are reemphasized.

Keywords: Asymptotic Economic Growth; Inflation; Interest Rates; Asset Pricing; Equity Markets; Foreign Currency; Monetary Policy; Crash (search for similar items in EconPapers)
JEL-codes: C58 C73 E31 E37 E43 G12 G17 (search for similar items in EconPapers)
Date: 2005
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Journal Article: Several illustrations of the quantity theory of money: 1947-1987 and 1867-1975 (1992)
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