Marshall made at least four contributions to the classical quantity theory. He endowed it with his Cambridge cash …

The 1920s saw the Fed reject a state-of-the-art quantity theory framework for a flawed real bills one. The quantity … discount. When the start of the Great Depression put these rival sets of indicators to the test, the quantity theory set … theory framework featured the money stock, price level, and real interest rates as policy guides. By contrast, the real bills …

presentation had many puzzling features, starting with the fact that it failed to reflect the quantity-theory approach that Fisher …

When the quantity theory is exposited in a way that takes account of the actual practice followed by monetary … procedures. The quantity theory also highlights the importance to the monetary authority of controlling the price level. The …