Die Quantitätstheorie des Geldes vom Mittelalter bis zur Gegenwart
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Die Quantitätstheorie des Geldes vom Mittelalter bis zur Gegenwart
Mit einer kurzen Darstellung der Geschichte des Geldes
Graff, Michael | Müller, Christian
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 126 (2006), Iss. 4 : pp. 565–603
2 Citations (CrossRef)
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Graff, Michael
Müller, Christian
Cited By
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Publications on financial history 2006
Noiret, Serge
Financial History Review, Vol. 15 (2008), Iss. 2 P.203
https://doi.org/10.1017/S0968565008000218 [Citations: 1] -
Financial Crises, Sovereign Risk and the Role of Institutions
The Quantity Theory of Money in Year Six After the Subprime Mortgage Crisis
Graff, Michael
2013
https://doi.org/10.1007/978-3-319-03104-0_11 [Citations: 0]
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.