the recent macroeconomic history of the USA.
Consider the recent macroeconomic history of the USA. It would appear that, in spite of the aggressive expansionary pace of monetary policy, the economy has evidenced only a sluggish recovery. Does the Quantity Theory of Money and the Equation of Exchange provide any insight into the current ongoing US macroeconomic doldrums (if that is what they are)? Or, is this theory largely broken and ineffective at explaining inflation and real economic growth? Explain. [Sources: bls.gov and bea.gov. and FRED.gov]
realGDP Money supply
growth Inflation (M2) growth
rate rate rate
2007 +1.778% +2.85% +5.670%
2008 -0.0291% +3.84% +10.300%
2009 -2.776% -0.36% +2.258%
2010 +2.532% +1.64% +4.479%
2011 +1.602% +3.16% +10.203%
2012 +2.321% +2.07% +7.587%
2013 +2.219% +1.46% +5.603%
2014 +2.387% +1.62% +6.010%
2015 -1.38%*
*projected
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