Money, Prices and Monetary Policy.

This paper argues that high frequency data on money and prices is consistent with the basic principles of the quantity theory of money plus a very simple theory to explain the behavior of the monetary authority. We explore a large data set of more than 100 countries for over 40 years. In particular, we argue that the lack of correlation between money and prices at high frequency data does not imply that money has no effect on inflation.

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Year of publication:	2009
Authors:	Marcet, Albert
Institutions:	Society for Economic Dynamics - SED

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Series:	2009 Meeting Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series 2009 SED Meeting Papers Number 1268
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010554349