This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for … countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best …. Second, the fit markedly improves, when correcting for variation in output growth and the opportunity cost of money, using …

This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for … countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best …. Second, the fit markedly improves, when correcting for variation in output growth and the opportunity cost of money, using …

initial money supply, implements a unique equilibrium. These results hold whether prices are flexible or set in advance. …

We consider standard cash-in-advance monetary models and show that there are interest rate or money supply rules such …

money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition …, therefore, the Friedman rule cannot be achieved.<br>The quality of money can only be observed after its purchasing capacity is … realized. In that sense money is an experience good. …