Is Quantity Theory Still Alive?
---- Acknowledgements -----
Uhlig’s research has been supported by the NSF grant SES-0922550 and by a Wim Duisenberg fellowship at the ECB. Teles gratefully acknowledges the financial support of FCT. Uhlig has an ongoing consulting relationship with a Federal Reserve Bank, the Bundesbank and the ECB. The views here are entirely our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.