美国自 2020 年以来的货币总量与后 COVID-19 通货膨胀：来自交换等式的证据

IF 0.9 Q3 ECONOMICS

Economics and Business Letters Pub Date : 2023-12-15 DOI:10.17811/ebl.12.4.2023.321-330

Edoardo Beretta, Doris Neuberger

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引用次数: 0

摘要

从货币数量理论基础上的欧文-费雪（Irving Fisher）交换方程式（）出发，我们从宏观经济货币理论的角度分析了货币总量 M1 和 M2 的增长是否会影响一般价格。此外，我们还研究了 COVID-19 与全球金融危机（2007-2009 年）期间货币总量演变不同的原因。文章详细阐述了美国 2020 年第一季度至 2022 年第二季度的数据，是通过交换等式分析 COVID-19 后通货膨胀的首个科学贡献。我们发现，货币增长似乎助长了通胀，支持了 "货币主义 "观点，但供应冲击和利润率上升等非货币驱动因素超过了货币驱动因素。

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Monetary aggregates in the US since 2020 and post-COVID-19 inflation: evidence from the equation of exchange

Starting from Irving Fisher’s equation of exchange ( ) at the basis of the quantity theory of money, we analyze from a theoretical macroeconomic-monetary perspective whether the increase of monetary aggregates M1 and M2 might have affected general prices. Moreover, we investigate why monetary aggregates have evolved differently for COVID-19 than in the global financial crisis (2007-2009). The article elaborates on data for the US from Q1/2020 to Q2/2022 and represents the first scientific contribution to the analysis of post-COVID-19 inflation by means of the equation of exchange. We find that money growth seems to have contributed to inflation supporting the “monetarist” view, but that non-monetary drivers such as supply shocks and increasing profit margins outweigh the monetary ones.

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来源期刊

Economics and Business Letters ECONOMICS-

CiteScore

1.80

自引率

11.10%

发文量

期刊介绍： Economics and Business Letters is an open access journal that publishes both theoretical and empirical quality original papers in all economics and business fields. In addition, relevant discussions on current policy issues will be considered for the Policy Watch section. As general strategy of EBL, the journal will launch calls for papers for special issues on topics of interest, generally with invited guest editors. The maximum length of the letters is limited to 2,500 words.