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Money, Inflation, and Output under Fiat and Commodity Standards

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  • Rolnick, Arthur J
  • Weber, Warren E

Abstract

The authors examine the behavior of money, inflation, and output under fiat and commodity standards to better understand how changes in monetary policy affect economic activity. Using long-term historical data for fifteen countries, the authors find that, under fiat standards, the growth rates of various monetary aggregates are more highly correlated with inflation and with each other than under commodity standards. Money growth, inflation, and output growth are also higher. In contrast, the authors do not find that money growth is more highly correlated with output growth under one standard than under the other. Copyright 1997 by the University of Chicago.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 105 (1997)
Issue (Month): 6 (December)
Pages: 1308-21

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Handle: RePEc:ucp:jpolec:v:105:y:1997:i:6:p:1308-21

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Web page: http://www.journals.uchicago.edu/JPE/

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Cited by:
  1. António Rua, 2012. "Money Growth and Inflation in the Euro Area: A Time-Frequency View," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 74(6), pages 875-885, December.
  2. Christiaan Pattipeilohy, 2013. "A descriptive analysis of the balance sheet and monetary policy of De Nederlandsche Bank: 1900-1998 and beyond," DNB Occasional Studies 1103, Netherlands Central Bank, Research Department.
  3. William T. Gavin & Finn E. Kydland, 2000. "The nominal facts and the October 1979 policy change," Working Papers 2000-013, Federal Reserve Bank of St. Louis.
  4. James R. Lothian & Cornelia H. McCarthy, 2003. "The Behavior of Money and Other Economic Variables: Two Natural Experiments," International Finance 0311011, EconWPA.
  5. Luca Benati, 2005. "U.K. Monetary Regimes and Macroeconomic Stylised Facts," Computing in Economics and Finance 2005 107, Society for Computational Economics.
  6. Thomas M Fullerton Jr & Roberto Tinajero, 2004. "Short-Run Price Dynamics in Mexico," Macroeconomics 0407027, EconWPA.
  7. Perez, Stephen J. & Siegler, Mark V., 2006. "Agricultural and monetary shocks before the great depression: A graph-theoretic causal investigation," Journal of Macroeconomics, Elsevier, vol. 28(4), pages 720-736, December.
  8. Jess Benhabib & Mark M. Spiegel, 2009. "Moderate Inflation and the Deflation-Depression Link," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(4), pages 787-798, 06.
  9. López-Villavicencio, Antonia & Mignon, Valérie, 2011. "On the impact of inflation on output growth: Does the level of inflation matter?," Journal of Macroeconomics, Elsevier, vol. 33(3), pages 455-464, September.
  10. Elisa Newby, 2007. "The Suspension of Cash Payments as a Monetary Regime," CDMA Working Paper Series 200707, Centre for Dynamic Macroeconomic Analysis.
  11. Andrew Atkeson & Patrick J. Kehoe, 2004. "Deflation and depression: is there an empirical link?," Staff Report 331, Federal Reserve Bank of Minneapolis.
  12. Jürgen von Hagen, 2004. "Hat die Geldmenge ausgedient?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 5(4), pages 423-453, November.
  13. Horwitz, Steven, 2011. "Do we need a distinct monetary constitution?," Journal of Economic Behavior & Organization, Elsevier, vol. 80(2), pages 331-338.
  14. Francois Velde, 2002. "The crime of 1873: back to the scene," Working Paper Series WP-02-29, Federal Reserve Bank of Chicago.

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