An implication of the quantity theory of money is that money growth rates have a less than one-to-one relationship with inflation.

Name: An implication of the quantity theory of money is that money growth rates have a less than one-to-one relationship with inflation.
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Question

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The quantity theory of money suggests a direct, proportional relationship between the money supply growth rate and the rate of inflation, implying a one-to-one relationship over the long term.

An Implication of the Quantity Theory of Money Is That