The Theory of Money and Credit (1912) is rightly regarded as a seminal book in the development of the Austrian school … approach to monetary theory. We argue that Mises' understanding of the equation of exchange differs from both of the … it in light of expectations, monetary regimes, and the microfoundations of the quantity theory …

This paper argues the predictive power of the sectoral approach towards a quantity theory of credit is weak. A quantity … theory of commercial-bank-seigniorage approach is proposed in its place. It suggests that the financial system may be held …

in which quantity-theory assertions about "money-supply" and price-level behavior under the real bills regime are valid … Pareto criterion does not support the quantity-theory position"--Federal Reserve Bank of Minneapolis web site …