Some International Evidence on the Quantity Theory of Money
This paper develops a two-equation model of money, interest rates, and inflation based on the simple quantity theory an d Fisher's hypothesis about nominal interest rates. The model has both within-equation and cross-equation restrictions that are tested on long-run average cross-country data covering the period 1962-88. The major finding is that the restrictions cannot be easily rejected and this suggests that the behavior of interest rates and inflation in a major part of the postwar period can be understood in terms of classical, monetary forces. Copyright 1993 by Ohio State University Press.
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Volume (Year): 25 (1993)
Issue (Month): 1 (February)
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