Conventional estimates of money demand suggest that the income elasticity of money demand is about 1 and the interest elasticity is about −0.2 (see Goldfeld and Sichel,1 990, for example). Thus for the price level to double without a change in the money supply, income must fall roughly in half or the interest rate must rise by a factor of about 32. Alternatively, the demand for real balances at a given interest rate and income must fall in half.

Goldfeld, Stephen M., and Daniel E. Sichel. 1990. ‘‘The Demand for Money.’’ In Benjamin M. Friedman and Frank Hahn, eds., Handbook of Monetary Economics, vol. 1, 299 356. Amsterdam: Elsevier, citado em David Romer Advanced Macroeconomics, p. 579