We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect … directly on the relationship between the rate of change of the money stock and inflation. We believe that this is an inferior … the QTM holds for low inflation as well as for high inflation. We discuss how our findings relate to monetarism generally …

quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand … relations are specified, estimated and tested. Then, employing error correction models, measures of excess money are derived … money is generally a better predictor than the quantity of money. Taking into account also the most (available) recent …

This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be most reasonably …

data. The motivation for signalling is consistent with wanting to control inflation expectations, but not career concerns …