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The Money Stock, the Price Level and Real Output: A Trivariate Analysis

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Author Info

  • Peter J. Saunders

    (University of Central Washington)

  • Basudeb Biswas

    (Utah State University)

Abstract

This study investigates the effects of monetary changes on the U.S. economy. The emphasis is on establishing a causal flow from the money supply (nominal variable) to the two components of nominal output--the price level and real output (real variable). Test results indicate that the impact of monetary growth on nominal output operates through both price levels and real output changes. This impact is positive with respect to both of these variables.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume16/V16N2P145_150.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 16 (1990)
Issue (Month): 2 (Apr-Jun)
Pages: 145-150

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Handle: RePEc:eej:eeconj:v:16:y:1990:i:2:p:145-150

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Postal: c/o Dr. Alexandre Olbrecht, The Anisfield School of Business 205, Ramapo College, 505 Ramapo Valley Road, Ramapo, New Jersey 07430, USA
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Web page: http://www.ramapo.edu/eea/journal.html
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  1. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-38, July.
  2. Geweke, John F & Meese, Richard, 1981. "Estimating Regression Models of Finite but Unknown Order," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 22(1), pages 55-70, February.
  3. McGee, Robert T & Stasiak, Richard T, 1985. "Does Anticipated Monetary Policy Matter? Another Look," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(1), pages 16-27, February.
  4. Sims, Christopher A, 1972. "Money, Income, and Causality," American Economic Review, American Economic Association, vol. 62(4), pages 540-52, September.
  5. Frederic S. Mishkin, 1980. "Does Anticipated Monetary Policy Matter? An Econometric Investigation," NBER Working Papers 0506, National Bureau of Economic Research, Inc.
  6. Ram, Rati, 1984. "Causal Ordering across Inflation and Productivity Growth in the Post-war United States," The Review of Economics and Statistics, MIT Press, vol. 66(3), pages 472-77, August.
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