经济学人常用术语 | Quantity theory of money

Quantity theory of money

A tenet of monetarism which holds that the money supply is the main driver of inflation. The crucial equation is MV=PT which states that the money supply multiplied by the velocity with which it changes hands is equal to the price level multiplied by the number of transactions. However, increases in the money supply do not always translate directly into higher prices. One reason is that the velocity can also vary; people can have more cash but sit on it when they are worried about the economic outlook.