The (Quantity) Theory of Money and Credit

29 Pages Posted: 31 Jul 2011 Last revised: 7 Jun 2013

Date Written: June 7, 2013

Abstract

The Theory of Money and Credit (1912) is rightly regarded as a seminal book in the development of the Austrian school approach to monetary theory. We argue that Mises’ understanding of the equation of exchange differs from both of the conventional textbook versions, and warrants recognition as being a distinct contribution. After supporting this claim we discuss it in light of expectations, monetary regimes, and the microfoundations of the quantity theory.

Keywords: demand for money, expectations, quantity theory, monetary theory

JEL Classification: B53, E41, E42, E58

Suggested Citation

Evans, Anthony J. and Thorpe, Robert, The (Quantity) Theory of Money and Credit (June 7, 2013). Available at SSRN: https://ssrn.com/abstract=1898962 or http://dx.doi.org/10.2139/ssrn.1898962

Anthony J. Evans (Contact Author)

ESCP Business School ( email )

537 FINCHLEY ROAD
LONDON, NW37BG
United Kingdom

Robert Thorpe

Independent ( email )

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