Is Quantity Theory Still Alive?
研究了货币数量论是否仍然有效，发现低通胀国家中货币增长与通胀关系微弱，但考虑产出增长和货币机会成本后关系改善，通胀目标制降低了通胀波动但削弱了货币增长与通胀的一对一关系。
This article 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 elasticities implied by the theories of Baumol–Tobin and Miller–Orr. Finally, a subsample characterised by the adoption of inflation targeting shows considerably less inflation variability, worsening the fit of a one‐for‐one relationship between money growth and inflation.