Die Quantitätstheorie des Geldes vom Mittelalter bis zur Gegenwart - Mit einer kurzen Darstellung der Geschichte des Geldes

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.