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Die Quantitätstheorie des Geldes vom Mittelalter bis zur Gegenwart - Mit einer kurzen Darstellung der Geschichte des Geldes

Author

Listed:
  • Michael Graff
  • Christian Müller

Abstract

The paper reconstructs the origins of the quantity theory of money and its applications. Referring to the history of money, it is shown that the theory was flexible enough to adapt to institutional change and could thus maintain its actuality. To this day, it is useful as an analytical framework, but due to Goodhart's Law, it nowadays has only limited potential to guide monetary policy. Finally, an empirical analysis drawing on data from Switzerland and the Euro zone confirms a stationary relationship between the quantity of money and GDP.

Suggested Citation

  • Michael Graff & Christian Müller, 2006. "Die Quantitätstheorie des Geldes vom Mittelalter bis zur Gegenwart - Mit einer kurzen Darstellung der Geschichte des Geldes," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 126(4), pages 565-603.
  • Handle: RePEc:aeq:aeqsjb:v126_y2006_i4_q4_p565-603
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    More about this item

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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