Two illustrations of the quantity theory of money reloaded

We review the relationship between inflation, nominal interest rates, and rates of money growth for a group of OECD countries. Once regime changes are isolated in the data, the behavior of these series maintains the close relationship predicted by standard quantity theory models. With an estimate...

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Autores principales: Gao, Han, Kulish, Mariano, Nicolini, Juan Pablo
Formato: Artículo publishedVersion
Lenguaje:Inglés
Publicado: Journal of International Economics (e-issn: 1873-0353) 2025
Materias:
Dinero en circulacion
Money Supply
Política Monetaria
Monetary policy
Money demand
Monetary aggregates
Acceso en línea:https://repositorio.utdt.edu/handle/20.500.13098/13330
Aporte de:
Repositorio Digital Universidad Torcuato Di Tella de Universidad Torcuato Di Tella
id I57-R163-20.500.13098-13330
record_format dspace
spelling I57-R163-20.500.13098-133302025-03-11T07:00:13Z Two illustrations of the quantity theory of money reloaded Gao, Han Kulish, Mariano Nicolini, Juan Pablo Dinero en circulacion Money Supply Política Monetaria Monetary policy Money demand Monetary aggregates We review the relationship between inflation, nominal interest rates, and rates of money growth for a group of OECD countries. Once regime changes are isolated in the data, the behavior of these series maintains the close relationship predicted by standard quantity theory models. With an estimated model, we show those relationships to be relatively invariant to frictions that can deliver different short-run dynamics. The trend component obtained from statistical filters does reasonably well in capturing these regime changes in estimated models. The quantity theory relationships are alive and well, and thus they are useful for policy design aimed at controlling inflation. 2025-03-10T18:21:32Z 2025-03-10T18:21:32Z 2025 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion https://repositorio.utdt.edu/handle/20.500.13098/13330 eng Journal of International Economics 154 (2025) 104058 info:eu-repo/semantics/restrictedAccess http://rightsstatements.org/page/InC/1.0/?language=es 27 p. application/pdf application/pdf Journal of International Economics (e-issn: 1873-0353)
institution Universidad Torcuato Di Tella
institution_str I-57
repository_str R-163
collection Repositorio Digital Universidad Torcuato Di Tella
language Inglés
orig_language_str_mv eng
topic Dinero en circulacion
Money Supply
Política Monetaria
Monetary policy
Money demand
Monetary aggregates
spellingShingle Dinero en circulacion
Money Supply
Política Monetaria
Monetary policy
Money demand
Monetary aggregates
Gao, Han
Kulish, Mariano
Nicolini, Juan Pablo
Two illustrations of the quantity theory of money reloaded
topic_facet Dinero en circulacion
Money Supply
Política Monetaria
Monetary policy
Money demand
Monetary aggregates
description We review the relationship between inflation, nominal interest rates, and rates of money growth for a group of OECD countries. Once regime changes are isolated in the data, the behavior of these series maintains the close relationship predicted by standard quantity theory models. With an estimated model, we show those relationships to be relatively invariant to frictions that can deliver different short-run dynamics. The trend component obtained from statistical filters does reasonably well in capturing these regime changes in estimated models. The quantity theory relationships are alive and well, and thus they are useful for policy design aimed at controlling inflation.
format Artículo
publishedVersion
author Gao, Han
Kulish, Mariano
Nicolini, Juan Pablo
author_facet Gao, Han
Kulish, Mariano
Nicolini, Juan Pablo
author_sort Gao, Han
title Two illustrations of the quantity theory of money reloaded
title_short Two illustrations of the quantity theory of money reloaded
title_full Two illustrations of the quantity theory of money reloaded
title_fullStr Two illustrations of the quantity theory of money reloaded
title_full_unstemmed Two illustrations of the quantity theory of money reloaded
title_sort two illustrations of the quantity theory of money reloaded
publisher Journal of International Economics (e-issn: 1873-0353)
publishDate 2025
url https://repositorio.utdt.edu/handle/20.500.13098/13330
work_keys_str_mv AT gaohan twoillustrationsofthequantitytheoryofmoneyreloaded
AT kulishmariano twoillustrationsofthequantitytheoryofmoneyreloaded
AT nicolinijuanpablo twoillustrationsofthequantitytheoryofmoneyreloaded
_version_ 1826997412339646464

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