The quantity theory of money. Reply to Dr. R.S. Masera

Authors

  • A. KELLY

DOI:

https://doi.org/10.13133/2037-3643/12881

Keywords:

Quantity theory, nominal stock, money, demand, supply, monetary policy

Abstract

In this brief note, the author responds to R.S. Masera’s criticism of the author’s position on the quantity theory of money. The author maintains that the monetary authorities cannot arbitrarily create excessive money balances in the hands of the public and that as a consequence monetary policy is likely to be ineffective and possibly even disruptive.

 

JEL: B22, E41, E51, E52

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How to Cite

KELLY, A. (2014). The quantity theory of money. Reply to Dr. R.S. Masera. PSL Quarterly Review, 24(99). https://doi.org/10.13133/2037-3643/12881

Issue

Vol. 24 No. 99 (1971)

Section

Editorial

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