In this survey, we shall first present a formal statement of the quantity theory, then consider the Keynesian challenge to the quantity theory, recent developments, and some empirical evidence. We shall conclude with a discussion of policy implications, giving special attention to the likely implications of the worldwide fiat money standard that has prevailed since 1971. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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