This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for … countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation …

for any other private purchases. The model is applied to Brazil between 1975 and 1990. We show that the model mimics … consumption velocity very closely during the high-inflation years. …

substitutability on exchange rates, international adjustment and the inflation tax are discussed. The paper also reviews the empirical …

interest rate elasticity of money demand, the impact of financial innovation on money demand, the welfare cost of inflation …