Do product returns in the retail sector affect the price level? Evidence from the equation of exchange

Starting from Irving Fisher’s equation of exchange ( MV=PT ) at the basis of the quantity theory of money and mainstream (macro)economics linking money ( M ) and its frequency of circulation ( V ) on the one hand to the general price level ( P ) and real goods and services exchanged ( T ) on the other, we analyze whether product returns by consumers (reaching 16.5