The objective of this paper is to describe in a simple way the historical transmission process in Argentina for changes in the stock of money to changes in the price level. Following the basic idea of Lucas (1980), we analyze graphically (and additionally, econometrically) the correlations for the period 1976 to 1989. We find that although there does not seem to exist a short term relationship between these variables, there is one in the longer term. Our results suggest that the correlations between money and prices increase with the term considered and that the leads (if any) go from changes in prices to changes in money.