The view that prediction is the only important concern when policy is to be developed has led to the strict adherence to a money supply rule via the Quantity Theory of Money with its debilitating consequences. The monetarists place the emphasis on the level of the money supply in the...

It is pretty well established within Austrian economics that the optimum quantity of money is whatever level is established at any given time. The logical implication of this claim is that any amount of the commodity that intermediates trade will do as well as any other in acquitting this task....

This study revisits the Quantity Theory of Money for Greece from the perspective of potentially nonlinear relations between the variables of the equation of exchange. Therefore, this methodological approach makes this study different from previous empirical studies, which were constructed on the...