The present study has investigated the postwar inflation in Korea by estimating a linear demand for real balance of money function. By introducing a variable representing an expected rate of price level change, an attempt is made to deal with the problem from the dynamic aspect of price, an attempt is made to deal with the problem from the dynamic aspect of price change. A simple rearrangement of the estimated linear equation with a couple of equilibrium assumptions generates the estimated linear equation with a couple of equilibrium assumptions generates the "quantity theory of money" version equation. Obtained results are found to be consistent with the theoretical hypotheses, and estimates are statistically significant.