Gutiérrez, José Manuel (contributor) - 2001 - [Elektronische Ressource]
theory are investigated. In the …rst two models ”money” is perishable; in the
second one lending between consumers is … Ricardian case), then money is neutral (real magnitudes stay
unchanged), and quantity theory holds ( the other nominal … when allowances and prices move in the same scale7.
We conclude that quantity theory (as it is usually de…ned) holds: if …