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Inflation and monetary regimes

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  • Dwyer, Gerald P.
  • Fisher, Mark

Abstract

Correlations of inflation with the growth rate of money increase when data are averaged over longer time periods. Correlations of inflation with the growth of money also are higher when high inflation as well as low-inflation countries are included in the analysis. We show that serial correlation in the underlying inflation rate ties these two observations together and explains them. We present evidence that averaging increases the correlation of inflation and money growth in more when the underlying inflation rate has higher serial correlation.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of International Money and Finance.

Volume (Year): 28 (2009)
Issue (Month): 7 (November)
Pages: 1221-1241

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Handle: RePEc:eee:jimfin:v:28:y:2009:i:7:p:1221-1241

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Web page: http://www.elsevier.com/locate/inca/30443

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Keywords: Money and inflation Inflation Quantity theory;

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References

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  1. Lothian, James R, 1985. "Equilibrium Relationships between Money and Other Economic Variables," American Economic Review, American Economic Association, vol. 75(4), pages 828-35, September.
  2. James R. Lothian & Cornelia H. McCarthy, 2003. "The Behavior of Money and Other Economic Variables: Two Natural Experiments," International Finance, EconWPA 0311011, EconWPA.
  3. Paul De Grauwe & Magdalena Polan, 2005. "Is Inflation Always and Everywhere a Monetary Phenomenon?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 107(2), pages 239-259, 06.
  4. John R. Moroney, 2002. "Money Growth, Output Growth, and Inflation: Estimation of a Modern Quantity Theory," Southern Economic Journal, Southern Economic Association, vol. 69(2), pages 398-413, October.
  5. George T. McCandless, Jr. & Warren E. Weber, 1995. "Some monetary facts," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Sum, pages 2-11.
  6. John C. Frain, 2004. "Inflation and Money Growth - Evidence from a Multi-Country Data-Set," The Economic and Social Review, Economic and Social Studies, Economic and Social Studies, vol. 35(3), pages 251-266.
  7. Gerald P. Dwyer & R.W. Hafer, 1988. "Is money irrelevant?," Review, Federal Reserve Bank of St. Louis, issue May, pages 3-17.
  8. Lucas, Robert E, Jr, 1980. "Two Illustrations of the Quantity Theory of Money," American Economic Review, American Economic Association, vol. 70(5), pages 1005-14, December.
  9. N. Kundan Kishor & Levis A. Kochin, 2007. "The Success Of The Fed And The Death Of Monetarism," Economic Inquiry, Western Economic Association International, vol. 45(1), pages 56-70, 01.
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Cited by:
  1. repec:cmj:journl:y:2013:i:29:cioran is not listed on IDEAS
  2. Lothian, James R. & McCarthy, Cornelia H., 2009. "The behavior of money and other economic variables: Two natural experiments," Journal of International Money and Finance, Elsevier, Elsevier, vol. 28(7), pages 1204-1220, November.
  3. Zina V.MARCU căs. CIORAN, 2013. "Monetary Policy And The Inflation Targeting Strategy," SEA - Practical Application of Science, Fundația Română pentru Inteligența Afacerii, Editorial Department, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 2, pages 167-173, October.

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