cointegration tests show that the long-run relationship between excess money growth and inflation holds if longer runs of data are …This study re-assesses the validity of the quantity theory of money (QTM) for the very long sample, 1870 to 2020, for … predicted by Milton Friedman. For the full sample, the average speed of adjustment from excess money growth to inflation in …

supposed equilibrium price level (P-star), which itself depends on potential output and money. We investigate country …-specific models for 110 economies, and also a pooled system thereof. We test for cointegration among money, prices, and real output … analyse this topic by means of a P-star model. Based on the quantity theory of money, this approach explains inflation via a …

supposed equilibrium price level (P-star), which itself depends on potential output and money. We investigate country …-specific models for 110 economies, and also a pooled system thereof. We test for cointegration among money, prices, and real output … Volkswirtschaften und ein aus den Gleichungen bestehendes gepooltes System. Es wird auf Kointegration zwischen einer Geldmenge, einem …