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Several illustrations of the quantity theory of money: 1947-1987 and 1867-1975

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  • Malliaris, A. G.

Abstract

This paper explores empirical relationships that involve the five quantity theoretic variables: rates of change in money supply, velocity, real output, inflation and also short-term nominal interest rate. Unlike, earlier studies that employ, primarily, regression methods to identify statistical relationships, this study uses the two-side exponentially weighted moving average methodology. This method smooths the original data to various degrees depending on the values of a given weight parameter to exclude as much noise as possible and, thus identifies probable trends. Using intermediate-term and long-term data sets, some much analyzed quantity theoretic relationships are reconfirmed, some new ones are proposed and finally, some less known, are reemphasized.
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Suggested Citation

  • Malliaris, A. G., 1992. "Several illustrations of the quantity theory of money: 1947-1987 and 1867-1975," International Review of Financial Analysis, Elsevier, vol. 1(1), pages 77-93.
    • Handle: RePEc:eee:finana:v:1:y:1992:i:1:p:77-93
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    JEL classification:

    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation

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