Over four decades ago, Robert Lucas demonstrated the implications of the Quantity Theory of Money (QTM) through empirical evidence linking inflation rates, nominal interest rates, and the growth rates of monetary aggregates. This study builds on Lucas’ foundational work by extending the analysis over a longer period, using advanced monetary measurement and filtering techniques, and substituting short-term interest rates with a long-term interest rate measure. The findings reaffirm the importance of money supply measures and filtering techniques when evaluating Lucas’ predictions. Notably, irrespective of the sample period considered, the results consistently show that Divisia M2 and MZM, when analyzed using the Hamilton filtering technique, closely align with the QTM.