; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Two Illustrations of the Quantity Theory of Money Reloaded"; ; "jannelle.ruswick@mpls.frb.org"; "Gao, Han", "Nicolini, Juan Pablo", "Kulish, Mariano"; "Federal Reserve Bank of Minneapolis"; "Monetary aggregates", "Monetary policy", "Money demand"; "E51 - Money Supply; Credit; Money Multipliers", "E52 - Monetary Policy", "E41 - Demand for Money"; "In this paper, we review the relationship between inflation rates, nominal interest rates, and rates of growth of monetary aggregates for a large group of OECD countries. We conclude that the low-frequency behavior of these series maintains a close relationship, as predicted by standard quantity theory models. In an estimated model, we show those relationships to be relatively invariant to alternative frictions that can deliver very different high-frequency dynamics. We argue that these relationships are useful for policy design aimed at controlling inflation."^^; "2020-12-15"; "2020-12-15T19:22:43.398284079+00:00"^^; "https://doi.org/10.21034/wp.774"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2021-12-17T17:14:52.033335594+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "260", "562", "430"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "774"; "Monetary policy", "Money demand", "Monetary aggregates"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "A substantially revised version of this paper is available as [Staff Report 633](https://researchdatabase.minneapolisfed.org/concern/publications/ww72bb71f?locale=en)."^^; ; "Publication" . ; .