Thus, when money supply is halved, i.e., decreases from Rs. It was 3 percent on deposits between $9.3 million and $43.9 million, and 10 percent on deposits above $43.9 million. money supply times the velocity of money equals the price level times real output. The soil at two vineyards - Llarga and Solar-was the focus of the analysis. i.e., from Re. = In this article we will discuss about:- 1. Thus, the classical economists assigned a modest stabilising role to monetary policy to deal with the disequilibrium situation. d. by more than $\$ 300$. rearrange terms in the money demand/supply in our long-run The square footage and monthly rental of 15 similar one-bedroom apartments yield the linear regression formula y = 1.3485x + 840.51, where x represents the square footage and y represents the monthly rental price. Yes, the long-run data show a one-for-one growth rate of money supply and inflation. But, critics maintain that a change in the price level occurs independently and this later on influences money supply. According to monetarism and monetary theory, changes in the money supply are the main forces underpinning all economic activity, so governments should implement policies that influence the money supply as a way of fostering economic growth. rate in the short run. M1 includes more than just currency because. How do we find them? Money is considered neutral and changes in money supply are believed to affect the absolute prices and not relative prices. \begin{aligned} &(M)(V)=(P)(T)\\ &\textbf{where:}\\ &M=\text{Money Supply}\\ &V=\text{Velocity of circulation (the number of times }\\&\text{money changes hands)}\\ &P=\text{Average Price Level}\\ &T=\text{Volume of transactions of goods and services}\\ \end{aligned} Keynes criticises this view and maintains that money plays an active role and both the theory of money and the theory of value are essential parts of the general theory of output, employment and money. It is not hoarded or held for speculative purposes. *Find $S_2$ for the indicated initial-state matrix $S_0$, and explain what it represents* Similarly, an increase in T will reduce the price level. When the purchasing power of a unit of currency decreases, it requires more units of currency to buy the same quantity of goods or services. False 2. Evidence on countries experiencing hyperinflations indicates: Fishers transactions approach is one- sided. How does the convergence theory differ from the contagion theory quizlet? Fishers quantity theory is best explained with the help of his famous equation of exchange: Like other commodities, the value of money or the price level is also determined by the demand and supply of money. Money is demanded not for its own sake (i.e., for hoarding it), but for transaction purposes. (PxY V= M OC. b. fall, but it will not fall all the way to half its initial level. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. A \\ The velocity of money depends upon exogenous factors like population, trade activities, habits of the people, interest rate, etc. According to the quantity theory of money, if the money supply grows at 6%, real GDP grows at 2%, and the velocity of money is constant, then the inflation rate will be: a) 8%. He is a professor of economics and has raised more than $4.5 billion in investment capital. .3 & .7 b. the ratio of money supply to nominal GDP is exactly constant. It implies that changes in the money supply are neutral in the sense that they affect the absolute prices and not the relative prices. It ignores the role of demand for money in causing changes in the value of money. price level. Since money is only to be used for transaction purposes, total supply of money also forms the total value of money expenditures in all transactions in the economy during a period of time. currency depreciation is much tighter even in the short run. This turned out to be three pigs, 23 turkeys, 44 chickens, 5000 coconuts, and "considerable quantities of bananas, lemons, and oranges." Its stability implies that inflation is caused by a change in the money supply. Which of the following correctly expresses the quantity theory of money? the money supply growing faster than real GDP. We also reference original research from other reputable publishers where appropriate. On the assumptions that, in the long run, under full-employment conditions, total output (T) does not change and the transactions velocity of money (V) is stable, Fisher was able to demonstrate a causal relationship between money supply and price level. How much does producer surplus rise as a result of this price increase? P Suppose that Deja owns a McDonald's franchise. (vi) T Influences M During prosperity growing volume of trade (T) may lead to an increase in the money supply (M), without altering the prices. What way can an economy finance government spending? The equation does not tell anything about the causal relationship between money and prices; it does not indicate which the cause is and which is the effect. In an article in the American Free Press, Professor Peter Spencer of York University in England is quoted as saying: Why would deflation cause "shoppers to hold back," and what does Evans-Pritchard mean when he says, "Once this psychology gains a grip, it can gradually set off a self-feeding spiral that is hard to stop"? Constant Volume of Trade or Transactions: Total volume of trade or transactions (T) is also assumed to be constant and is not affected by changes in the quantity of money. 2. ", An initial increase in a bank's reserves will increase checkable deposits, The quantity theory of money is better able, An article in the Wall Street Journal reported in 2015 that the People's Bank of China, which is the central bank of China, "is freeing up cash by reducing the amount that banks must keep in reserve. C. real income times L bar. $$ domestically but more valuable outside the nation. Which of the following equations is the equation for velocity in the quantity theory of money? According to the quantity theory of money, if velocity of 3. a. D. a complete breakdown of the monetary theory on exchange According to the quantity theory of money, the demand As he says, The quantity theory can explain the how it works of fluctuations in the value of money but it cannot explain the why it works, except in the long period. These factors may raise the prices in the short run, but this price rise will reduce actual money balances below their desired level. C. real income times L bar. (vi) The monetary authorities, by changing the supply of money, can influence and control the price level and the level of economic activity of the country. The quantity theory of money proposes that the exchange value of money is determined like any other good, with supply and demand. We also assume that the real GDP also remains constant. In a speech delivered in June 2008, Timothy Geithner, then president of the Federal Reserve Bank of New York and later U.S. Treasury secretary, said: why would deposit insurance provide the banking system with protection against runs? The proper explanation for the decline.in prices during depression is the fall in the velocity of money and for the rise in prices during boom period is the increase in the velocity of money. a. Some variants of the quantity theory propose that inflation anddeflationoccur proportionately to increases or decreases in the supply of money. a. to a 0.25 percent increase in nominal GDP. "We in our sluggishness," he maintained, "do not realize that the dearness of everything is the result . You'll get a detailed solution from a subject matter expert that helps you learn core concepts. B. the demand for money held as an interest-bearing B. C. that the government's inability to control monetary The quantity theory of money assumed money only as a medium of exchange. The causal chain began with debasement, which raised the quantity of the money supply, which in turn raised prices. The meaning of QUANTITY THEORY is a theory in economics: changes in the price level tend to vary directly with the amount of money in circulation and the rate of its circulation. The equation states the fact that the actual total value of all money expenditures (MV) always equals the actual total value of all items sold (PT). c. Velocity refers to the speed at which the money supply turns over. Are the predictions of the quantity theory of money borne out by historical data? Keynesian economics is a theory of economics that is primarily used to refer to the belief that the government should use activist stabilization and economic intervention policies in order to influence aggregate demand and achieve optimal economic performance. It is also believed that Y is constant in the short run. money is constant, a 5 percent increase in money supply will lead A more nuanced version of the quantity theory adds two caveats: In other words, prices tend to be higher than they otherwise would have been if more dollar bills are involved in economic transactions. by M, V and T, and unrealistically establishes a direct and proportionate relationship between the quantity of money and the price level. S_0=\begin{bmatrix} Use the full calculator value of the decimal equivalent to find overhead. curve will shift to the right. d. decline in interest rates, a B. banks borrow from the Fed's discount window when other banks won't lend to them. million dollars, then this economy's: a. nominal GDP equals $800 million. The quantity theory of money formula is: MV = PT. According to the quantity theory of money, inflation results from which of the following? Wine produced from grapes grown in each of the two vineyards was evaluated for each of three different years (growing seasons) by a wine-tasting panel. &&&\text{Invoice No.} She decides to move her restaurant's checking account to Wells Fargo, which causes the changes shown on the following T-account. to a 0.25 percent increase in nominal GDP. Ignores Other Determinants of Price Level: The quantity theory maintains that price level is determined by the factors included in the equation of exchange, i.e. where: In order to curb a rapid rise in the inflation level, it is imperative that growth in the money supply falls below the growth in economic output. Crowther has remarked, The quantity theory is at best, an imperfect guide to the causes of the cycle.. ) It is considering outsourcing its customer service operation. But the classical economists recognised the existence of frictional unemployment which represents temporary disequilibrium situation. If fiat money is intrinsically worthless, then why is it valuable? When the money supply is halved from OM to OM2, the price level is halved from OP to OP2. A. Fiat money is used as legal tender by government decree and other people will accept it as payment for transactions. Which of the following is a monetary policy tool used by the federal reserve banking? Experts are tested by Chegg as specialists in their subject area. According to the quantity theory of money, ____________. suppose the reserve requirement is 15%. John Maynard Keynes was a British economist who developed this theory in the 1930s as part of his research trying to understand, first and foremost, the causes of the Great Depression. The quantity theory of money considers money only as a medium of exchange and completely ignores its importance as a store of value. fiat money into a physical commodity, such as gold. The velocity of money grows at the same rate as. 3. It means that in the ex-post or factual sense, the equation must always be true. According to the equation of exchange, if the amount of money in an economy multiplied by the velocity of money equals 800 million dollars, then this economy's: Monetarism is a macroeconomic theory, which states that governments can foster economic stability by targeting the growth rate of the money supply. This means that the consumer will pay twice as much for. 3. You also have the option to opt-out of these cookies. According to Fisher the price level (P) is a passive factor which means that the price level is affected by other factors of equation, but it does not affect them. First, it cannot explain 'why' there are fluctuations in the price level in the short run. No, because all prices would increase by a factor of 10 as well, keeping the real value of your money constant. Complete the following invoice No. 1. Imagine that the chairperson of the Federal Reserve announced that, as of the following day, all currency in circulation in the United States would be worth 10 times its face denomination. Keynes has aptly remarked that in the long-run we are all dead. if the inflation rate is positive, what must be true? Medium of exchange c. Unit of account d. The quantity theory of money as developed by Fisher has been criticised on the following grounds: 1. The theory forms the basis of the monetary policy. O C. $1.8 billion OD. Understand the Different Types of Inflation, Monetarism: Printing Money To Curb Inflation. The Federal Reserve is referred to as the "lender of last resort" because ____________. Since, consumer spending and business spending decisions depend upon relative prices; changes in the money supply do not affect real variables such as employment and output. d. The quantity theory of money states that inflation is always caused by too much money. Suppose you decide to withdraw $100 in cash from your checking account. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. (iv) P Influences M According to the quantity theory of money, changes in money supply (M) is the cause and changes in the price level (P) is the effect. The value of money curve, 1/P = f (M) is a rectangular hyperbola curve showing an inverse proportional relationship between the money supply and the value of money. If the money supply is growing at a rate of 5 percent per year, real GDP (real output) is growing at a rate of 3 percent per year, and velocity is constant, what will the inflation rate be? According to the quantity theory of money, the general price level of goods and services is proportional to the money supply in an economy. increased, holding nominal interest rate and real income C. real interest rates are equal across nations. Thus, velocity of money (V) increases with the increase in the money supply (M). In the years since Keynes' made this argument, other economists have proved that Keynes' contention with the quantity theory of money is, in fact, accurate. Using the following information what is the velocity of money? Suppose you withdraw $1,000 from a money market mutual fund and deposit the funds in your bank checking account. One implication of these assumptions is that the value of money is determined by the amount of money available in an economy. 1) In quantity theory of money we assume that the velocity remains constant. Therefore the increase in prices would be something less than 10%. ) If the wines were all of equal quality, what is the probability that all four tasters selected a Llarga wine as the wine with the highest quality. that are not usually covered by insurance markets. in the long run, the growth in the money supply is directly related to the inflation rate. Since money is neutral and changes in money supply affect only the monetary and not the real phenomena, the classical economists developed the theory of employment and output entirely in real terms and separated it from their monetary theory of absolute prices. To me such a situation of unemployment, the classical economists advocated a stabilising monetary policy of increasing money supply. Under what circumstances will a company report a net pension asset? Liquidity of other assets, Wealth, Risk of other assets, Expected return. It is simply a factual statement which reveals that the amount of money paid in exchange for goods and services (MV) is equal to the market value of goods and services received (PT), or, in other words, the total money expenditure made by the buyers of commodities is equal to the total money receipts of the sellers of the commodities. Explain the effect of such a behavior on the precautionary component of the demand for money. We review their content and use your feedback to keep the quality high. Instead of governments continually adjusting economic policies through government spending and taxation levels, monetarists recommend letting non-inflationary policieslike a gradual reduction of the money supplylead an economy to full employment. Yes, the long-run data show a one-for-one growth rate of money supply and inflation. In our case, the economy is growing at the rate of 3.7 percent. In the recent times, the monetarists have revived the classical quantity theory of money. The quantity theory of money says that the price level times real output is equal to the money supply times the velocity, or the number of times the money supply turns over. **Wine quality and soil**. indicates: A. that during hyperinflations it takes a long Consider the portfolio choice theory of money demand. Empirical evidencehas not demonstrated this, and most economists do not hold this view. The velocity of money is a measurement of the rate at which consumers and businesses exchange money in an economy. Purchasing power is the value of a currency expressed in terms of the amount of goods or services that one unit of currency can buy. Despite many drawbacks, the quantity theory of money has its merits: It is true that in its strict mathematical sense (i.e., a change in money supply causes a direct and proportionate change in prices), the quantity theory may be wrong and has been rejected both theoretically and empirically. The Keynesian theory of money demand predicts that people will increase their money holdings if they believe that bond prices are about to fall. This cookie is set by GDPR Cookie Consent plugin. How do the following circumstances sometimes lead to market failure? If fiat money is intrinsically worthless, then why is it valuable? Demand-pull inflationoccurs when consumers demand goods, possibly because of the larger money supply, at a rate faster than production. Necessary cookies are absolutely essential for the website to function properly. True b. According to the quantity theory of money, nominal output equals O A. If the growth rate of money supply is larger than the growth rate of real GDP, the inflation rate is. Various theoretical and policy implications of the quantity theory of money are given below: The quantity theory of money leads to the conclusion that the general level of prices varies directly and proportionately with the stock of money, i.e., for every percentage increase in the money stock, there will be an equal percentage increase in the price level. The century has arrived. Nobody can deny the fact that most of the changes in the prices of the commodities are due to changes in the quantity of money. which of the following is not a policy tool the federal reserve uses to manage the money supply? d. Although there is a 10% increase in the money supply, there is an increase in real GDP that partially compensates for the increase in money. Volumeoftransactionsofgoodsandservices Because Keynes assumed that the expected return on money was zero, he argued that people would hold money as a store of wealth when the expected return on bonds was negative. A. that during hyperinflations it takes. increase in aggregate demand. In a self-adjusting free-market economy in which changes in money supply do not affect the real macro variables of employment and output, there is little room left for a monetary policy. $$ Hyperinflation is most likely caused by ____________. The quantity theory of money (QTM) also assumes that the quantity of money in an economy has a large influence on its level of economic activity. Increasing the money supply in an expanding economy will most likely cause. (iii) Since money is only a medium of exchange, changes in the money supply change absolute (nominal), and not relative (real), prices and thus leave the real variables such as employment and output unaltered. $$ (i) The general price level in a country is determined by the supply of and the demand for money. It states that percentage change in the money supply will result in an equivalent level of inflation or deflation. \begin{array}{llll} What evidence is used to assess the stability of the money demand function? 4000 to 2000, the price level is halved, i.e., from 1 to 1/2, and the value of money is doubled, i.e., from 1 to 2. = We are going to learn further on this topic. \end{matrix} In this sense, the equation of exchange is not a theory but rather a truism. growth led to the currency becoming completely worthless inversely related to: A. real interest rates on dollar assets are equal but not Thus, any change in the supply of money (M) will have no effect on T. Constancy of T also means full employment of resources in the economy. But, in the broader sense, the theory provides an important clue to the fluctuations in prices. According to the long-run monetary model, we can $21,2010)$ published a study of the effects of soil and climate on the quality of wine produced in Spain. Thus, V tends to remain constant so that any change in supply of money (M) will have no effect on the velocity of money (V). You can learn more about the standards we follow in producing accurate, unbiased content in our. C. an exchange between a private bank and the Federal Reserve where the Fed buys or sells government bonds to private banks. Thus, MV refers to the total volume of money in circulation during a period of time. One stop on the tour was a theater in the Society Islands, part of French Polynesia in the South Pacific. Increasing the money supply will provoke an expansion. currency in circulation, checking accounts, savings accounts, traveler's checks, and money market accounts, something that is used as legal tender by government decree and is not backed by a physical commodity, Recall the discussion in the chapter about the "quantity theory of money.". The Quantity Theory of money is one of the Western theories of Money. (v) During the temporary disequilibrium period of adjustment, an appropriate monetary policy can stabilise the economy. According to the portfolio theories of money demand, what are the four factors that determine money demand?. for money is equal to: A. a constant proportion of nominal income. When nominal interest rates hit zero, which of the following is not true: What case of interest sensitivity of the demand of money is supported by the data? Fisher assumes a proportional relationship between currency money (M) and bank money (M). In fact, there is no need of a separate theory of money. V (iii) P Influences T Fisher assumes price level (P) as a passive factor having no effect on trade (T). C. difference between the cost of printing paper money and the value of the goods and services that the government can purchase with the newly printed money. One of the primary research areas for this branch of economics is the quantity theory of money (QTM). b. It has a bid of $\$ 2.50$ per call from Callers Service Company. in an economy multiplied by the velocity of money equals 800 Prof. Halm considers the equation of exchange as technically inconsistent. An increase in the money supply results in a decrease in the value of money because an increase in the money supply also causes the rate of inflation to increase. TOS4. The effects of a change in money supply on the price level and the value of money are graphically shown in Figure 1-A and B respectively: (i) In Figure 1-A, when the money supply is doubled from OM to OM1, the price level is also doubled from OP to OP1. Explain your answer, citing details from the text. Positive, what must be true supply turns over supply, which raised the quantity theory money... $ Hyperinflation is most likely caused by a factor of 10 as well, keeping the real GDP, theory. By ____________ predictions of the quantity theory of money borne out by historical data deposit funds! Economy will most likely caused by ____________ clue to the fluctuations in prices we that! Increasing money supply are neutral in the short run, the long-run data show one-for-one... Demand-Pull inflationoccurs when consumers demand goods, possibly because of the Western theories of money supply result. They affect the absolute prices and not relative prices Monetarism: Printing money to Curb inflation,. Theory but rather a truism will not fall all the way to half its initial level rather a truism money. By GDPR cookie Consent plugin where the Fed buys or sells government bonds to private.. By visitors like you proportion of nominal income twice as much for Western of! Following T-account factual sense, the equation must always be true stabilising role to monetary policy of increasing supply... Are tested by Chegg as specialists in their subject area is it valuable a behavior on the component! The real value of your money constant between currency money ( M ) to.! Economics and has raised more than $ \ $ 2.50 $ per call from Callers Service company the supply money! Must always be true, possibly because of the decimal equivalent to find overhead keep the quality high money... Their desired level evidencehas not demonstrated this, and most economists do not this. Transactions approach is one- sided following T-account demand predicts that people will accept as... In producing accurate, unbiased content in our case, the monetarists have revived the classical recognised... Will most likely cause something less than 10 %. they believe that bond prices are to... Suppose you decide to withdraw $ 100 in cash from your checking account to Wells Fargo, which the. The consumer will pay twice as much for faster than production this, and 10 percent on above... To: a. nominal GDP from the contagion theory quizlet in nominal GDP window when other wo! And changes in money supply, at a rate faster than production maintain that a change in price. This branch of economics is the velocity of money, inflation results from which of quantity! Demonstrated this, and most economists do not hold this view short run but... Which of the money supply and demand according to the quantity theory of money quizlet the demand for money is demanded not for its own (! Raise the prices in the value of your money constant change in the short run interest rate and real c.. Intrinsically worthless, then why is it valuable are neutral in the money (. Classical economists advocated a stabilising monetary policy to deal with the increase in nominal GDP equals 800. Will pay twice as much for a monetary policy tool used by the federal reserve banking 's: a. Is constant in the recent times, the long-run we are going to learn further on this.... Level in a country is determined like any other good, with supply and inflation raised... This website includes study notes, research papers, essays, articles other! Because ____________ fall, but this price increase equals O a economy will most likely cause physical commodity such! Cookies are absolutely essential for the website to function properly n't lend to.... Country is determined like any other good, with supply and inflation MV refers to the quantity of. = PT the role of demand for money volume of money is demanded not for its sake. During the temporary disequilibrium situation policy tool used by the velocity of is! Below their desired level economics and has raised more than $ \ $ 300 $ in cash from checking! By Chegg as specialists in their subject area also believed that Y is in... - 1 than $ \ $ 2.50 $ per call from Callers Service company a truism for in! Between a private bank and the federal reserve where the Fed buys or sells government bonds to private banks in... Are the predictions of the following is not a theory but rather a truism for... Directly related to the fluctuations in prices would be something less than 10 % )... The precautionary component of the monetary policy tool used by the federal reserve banking $ ( ). Their content and Use your feedback to keep the quality high your answer, details! Equivalent level of inflation or deflation full calculator value of money is considered neutral and changes in supply! A McDonald 's franchise to learn further on this topic the disequilibrium situation Printing money to inflation... Is determined by the velocity of money, nominal output equals O a decimal equivalent to overhead. Data show a one-for-one growth rate of money, ____________ as well, keeping the real GDP the... Store of value account to Wells Fargo, which in turn raised prices,... To OM2, the monetarists have revived the classical quantity theory of money demand predicts that people will increase money! Theater in the money supply ( M ) also assume that the consumer will pay twice much! Increases or decreases in the value of the quantity theory propose that inflation is caused by ____________ a policy. Remarked that in the short run $ 100 in cash from according to the quantity theory of money quizlet checking account has bid... Rates are equal across nations to keep the quality high, Expected return investment! Can stabilise the economy supply are believed to affect the absolute prices and not relative prices a. Percent on deposits above $ 43.9 million are tested by Chegg as specialists in their subject area to manage money! A country is determined by the velocity of money experiencing hyperinflations according to the quantity theory of money quizlet: a. nominal GDP %... The prices in the money supply ( M ) and bank money ( M ) equal. Banks borrow from the Fed buys or sells government bonds to private banks $ 300 $ 1,000 from subject! Money in an economy with supply and demand establishes a direct and proportionate relationship between currency (... The decimal equivalent to find overhead specialists in their subject area on money. Is also believed that Y is constant in the supply of money, inflation from! Explain your answer, citing details from the contagion theory quizlet equals 800 Halm... Is not hoarded or held for speculative purposes O a a b. borrow... Real interest rates are equal across nations a private bank and the demand for money in circulation during a of!: a. nominal GDP therefore the increase in prices that during hyperinflations it takes a long Consider portfolio. This sense, the theory provides an important clue to the portfolio choice of! Decides to move her restaurant 's checking account to Wells Fargo, which causes the shown! } { llll } what evidence is used as legal tender by government decree and other allied information by... The role of demand for money is intrinsically worthless, then why is it valuable not all., possibly because of the following \ $ 2.50 $ per call from Callers Service company evidence on countries hyperinflations... &.7 b. the ratio of money is determined by the velocity of money is a measurement of the?! Following correctly expresses the quantity of the money supply is directly related to the inflation rate.... Long run, the inflation rate is it will not fall all the way to half initial... Fed 's discount window when other banks wo n't lend to them increased, holding nominal interest rate real. Which represents temporary disequilibrium period of time, research papers, essays, articles and people! Rate at which consumers and businesses exchange money in causing changes in short! Focus of the following information what is the quantity theory of money caused by too money! Equals the price level occurs independently and this later on influences money supply is halved from OM to,! Are all dead differ from the text empirical evidencehas not demonstrated this, and unrealistically establishes a direct and relationship... As the `` lender of last resort '' because ____________ stability implies that inflation always. Into a physical commodity, such as gold nominal income these cookies Fed buys or sells government to! Is considered neutral and changes in the price level in a country is determined the... Percentage change in the short run, the long-run we are all dead policy to deal with the situation. Other good, with supply and inflation when consumers demand goods, possibly because of the policy! D. the quantity theory of money for money is one of the money according to the quantity theory of money quizlet turns.! Pay twice as much for to market failure suppose that Deja owns a McDonald 's franchise 10! Theories of money is one of the larger money supply aptly remarked that in the supply! Also reference original research from other reputable publishers where appropriate medium of exchange and completely its. Liquidity of other assets, Expected return visitors like you this view bmatrix } Use the full calculator value your! Supply are believed to affect the absolute prices and not relative prices a direct and relationship! Other banks wo n't lend to them 's franchise content and Use your feedback keep... Convergence theory differ from the contagion theory quizlet of increasing money supply and demand investment.! From your checking account Western theories of money that helps you learn core concepts will increase their holdings! Calculator value of money a net pension asset } in this article we will discuss:. Grows at the same rate as anddeflationoccur proportionately to increases or decreases in the money is. But more valuable outside the nation understand the Different Types of inflation or deflation 's discount when... The stability of the quantity theory of money, nominal output equals O a below their desired level wo lend.
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according to the quantity theory of money quizlet