Is the empirical evidence in the chart below consistent or inconsistent with the quantity theory? Chart 4 Inflation and Real Output Growth: No Correlation Average Annual Rates of Growth in Consumer Prices and in Nominal Gross Domestic Product, Deflated by Consumer Prices During 1960-90 in 110 Countries Real Output Growth % 20 -20 on 100%

Is the empirical evidence in the chart below consistent or inconsistent with the quantity theory? Chart 4 Inflation and Real Output Growth: No Correlation Average Annual Rates of Growth in Consumer Prices and in Nominal Gross Domestic Product, Deflated by Consumer Prices During 1960-90 in 110 Countries Real Output Growth 20 -20 n In on