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Published in:
1974 | OriginalPaper | Chapter
The Quantity Theory of Money
Author : D. C. Rowan
Published in: Output, Inflation and Growth
Publisher: Macmillan Education UK
Included in: Professional Book Archive
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In the previous chapter we analysed the consequences for the endogenous variables of our model, and in particular for the price level, of an assumed exogenous change in the nominal money supply. We now seek to compare the predictions of our theory with an older theory known as the Quantity Theory of Money. What is the nature of this theory?