• 1 Introduction
  • 2 Quantity equation as a starting point
  • 3 The role of the stability of money demand
  • 4 Measures of excess liquidity
  • 4.1 The price gap
  • 4.2 The real money gap
  • 4.3 The nominal money gap
  • 4.4 The monetary overhang
  • 5 Comparisons of the measures of excess liquidity
  • 5.1 The difference between the nominal money gap and the monetary overhang
  • 5.2 The difference between the nominal money gap and the real money gap
  • 6 Summary
  • REFERENCES