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MONEY PRICE CAUSALITY AND THE ROLE OF FINANCIAL CRISIS
Pakistan Journal of Social Research
Quantity Theory of Money is subject to many critiques. One major critique is that it does not provide causal relation between money and prices. It generates a direct and proportional relationship between money and prices. If we causally link money and prices, then it could be argued that monetary growth is not always inflationary. To test this argument, we have selected quarterly data of the U.S economy over the period of 1991 to 2011. We have divided the time series into -periods i.e., normaldoi:10.52567/pjsr.v4i2.602 fatcat:pjvxmdxrnfhclcgvs4ygwk6pfy