000			03212nam a22002177a 4500
005			20250117172742.0
008			250117b |||||||| |||| 00| 0 eng d
020			_a9781032557991
082			_a332.46 _bMAC
100			_aMachaj, Mateusz _919061
245			_aMonetary policy and inflation: _bquantity theory of money
260			_bRoutledge _aNew York _c2024
300			_aix, 62 p.
365			_aGBP _b49.99
490			_aRoutledge Focus on Economics and Finance
500			_aTable of content: 1. 1. Instead of an introduction. BIS report: Welcome to 2023, inflation depends on money supply 2. Formalized quantity theory of money and Milton Friedman's monetary program 3. The most important studies in the quantity theory of money research in the last 40 years 4. Conventional monetary policy and the rationale for the absence of money supply in its rules 5. Active monetary policy after 2008 and the inadequacy of the money multiplier model 6. Active monetary policy during the 2020 pandemic 7. Conclusions [https://www.routledge.com/Monetary-Policy-and-Inflation-Quantity-Theory-of-Money/Machaj/p/book/9781032557991?srsltid=AfmBOorv4K_uMTvJ8nEWwQaLqM3jx7O0FXPESfAhNLI1Qy_7tkiRuWss]
520			_aRecent years have seen a return to high inflation that has sparked debate about the causal role of monetary policy in significant price increases, especially in the context of the quantity theory of money. This book builds upon a long-accepted tradition of quantity theory of money in explaining long-run inflation levels. It elucidates how and why – despite its important limitations – the theory can be applied throughout history, including the 2022 spikes in inflation. It also demonstrates how and why the quantity theory, with some internally good reasons, is not part of the modern monetary policy framework. The book argues that firstly, the issue of non-operationability of the money supply is a policy problem, but not a causality problem. Secondly, while some models can work without money, and while a simple deterministic relationship between money base and aggregates may not exist, the author shows that there is still room for quantity theory to be true. Thirdly, perhaps most importantly, as the book shows, the apparent lack of a relationship between the inflation index and money supply with single-digit inflation is a statistical artifact resulting from confounding factors. To conclude, although the quantity theory of money has not been employed in recent Central bank policy, it still holds up surprisingly well in explaining real world phenomena, including the current record inflation levels. The practical significance of this book is to illustrate to researchers and scholars how classical macroeconomic thinking can explain key monetary factors that lead to inflation, but also at the same time show that it is fully compatible with modern macroeconomics and is not just a thing of the past. (https://www.routledge.com/Monetary-Policy-and-Inflation-Quantity-Theory-of-Money/Machaj/p/book/9781032557991?srsltid=AfmBOorv4K_uMTvJ8nEWwQaLqM3jx7O0FXPESfAhNLI1Qy_7tkiRuWss)
650			_aMonetary policy
650			_aInflation (Finance) _915592
942			_cBK _2ddc
999			_c8169 _d8169