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Inflation, Output, and Money

Eugene F. Fama
The Journal of Business
Vol. 55, No. 2 (Apr., 1982), pp. 201-231
Stable URL: http://www.jstor.org/stable/2352700
Page Count: 31
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Inflation, Output, and Money
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Abstract

Money-demand theory and the quantity theory of money are used to study the inflation process. As predicted by the model, monthly, quarterly, and annual data indicate that inflation is positively related to money growth rates and negatively related to growth rates of real activity. The theoretical and empirical origins of stagflation are explained, and changes in monetary arrangements to simplify the control of inflation are prescribed.

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