Of Hume, Thornton, the Quantity Theory, and the Phillips Curve
6 Pages Posted: 24 Aug 2012
Date Written: 1982
Abstract
Many economists would agree no doubt that the strict classical quantity theory of money is logically incompatible with the concept of a stable, long-run Philips curve tradeoff between output and inflation.
Suggested Citation: Suggested Citation
Humphrey, Thomas M., Of Hume, Thornton, the Quantity Theory, and the Phillips Curve (1982). FRB Richmond Economic Review, Vol. 68, No. 6, November/December 1982, pp. 13-18, Available at SSRN: https://ssrn.com/abstract=2120005
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