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 …

paper currency. According to the "quantity theory" or classical hypothesis, total money stock magnitudes did not rise …--as suggested by standard commodity-money analysis. According to the "backing theory" or anti-classical hypothesis, by contrast …

theory and previous findings …

influences asset markets, develop a model of this mechanism, and assess the ability of the quantitative theory to match the …

on prices -- so much so that the colony's experience is sometimes seen as violating the classical quantity theory of … explained by the quantity theory in both periods, despite the differences in institutional arrangements, once growth in …

The purported failure of the classical quantity theory of money in the colonial economy is shown to be a failure of … data and not a failure of theory. When new data on the quantity of specie in circulation is added to the current data on … regarding the performance of the classical quantity theory of money in the colonial economy disappears. How paper money was …

produce the quantity theory of money and the fiscal theory of the price level …

In this paper we propose a simple and general model for computing the Ramsey optimal inflation tax, which includes … optimal inflation tax. Calibrating the model to a variety of empirical studies yields an optimal nominal interest rate of less …