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 …

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 …

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 …

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

The quantity theory of money is applied to the paper money regimes of seven of the nine British North American colonies … in circulation and prices are found. The failure of the quantity theory of money to explain the value and performance of …

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 …

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 …

literature, cannot explain the persistence observed in actual inflation. We argue that two of the more prominent alternative …, are highly problematic. Fuhrer and Moore (1995)'s formulation generates inflation persistence, but this is a consequence … that workers care about the current real wages of other workers, one obtains the standard formulation with no inflation …