We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect … the QTM holds for low inflation as well as for high inflation. We discuss how our findings relate to monetarism generally …

; monetarism ; quantity theory …We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect … the QTM holds for low inflation as well as for high inflation. We discuss how our findings relate to monetarism generally …

In his 2016 paper, Wakabayashi argues:(a) that old Keynesian economics, monetarism, and new Keynesian economics are all … equally portfolio adjustment theories, or “stock” approaches to the quantity theory of money; (b) that post-war mainstream … be reconstructed according to an “income-based flow” approach to the quantity theory, which he names the long-term target …