Expectations and the quantity equation – evidence from Eastern European countries

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This article analyses the usefulness of the quantity equation from the financial market’s view. We use more than 10 000 forecasts of financial analysts concerning projections of the growth rate of money supply, prices and real output for six Central and Eastern European countries to test whether they are internally consistent with the quantity equation. In particular, we report that forecasts are consistent with the quantity equation in high-inflation countries and high-inflation regimes.

Keywords: C23; Central and Eastern European countries; E31; E37; forecasts; quantity equation

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036846.2013.839862

Affiliations: Department of Economics, WHU – School of Management, Vallendar, Germany

Publication date: January 22, 2014

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