Abstract
The quantity theory of money, dating back to contributions made in the mid-16th century by Spanish Scholastic writers of the Salamanca School, is one of the oldest theories in economics (de Soto, 2006, p. 603). In his book The Purchasing Power of Money (1911), Fisher gave the quantity theory, as inherited from his classical and pre-classical predecessors, its modern formulation. Fisher’s version, typically termed equation of exchange or transaction approach can be stated as:
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CITATION STYLE
Belke, A., & Polleit, T. (2009). Money and Credit Demand. In Monetary Economics in Globalised Financial Markets (pp. 91–150). Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-540-71003-5_2
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