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Rapid Growth Of Monetary Aggregates And Inflation: The International Evidence

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Jose De Gregorio

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Abstract

This paper presents empirical evidence for low inflation countries in which M1 has grown persistently for at least one year at rates much higher than the inflation rate. In none of these episodes has there been a similar increase in inflation, as a straightforward application of the simplest version of the quantity theory of money would suggest. This evidence confirms the idea that even in a world of long-run neutrality of money, the use of monetary aggregates to conduct monetary policy could be highly misleading.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 256.

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Date of creation: Apr 2004
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Handle: RePEc:chb:bcchwp:256

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. De Grauwe, Paul & Polan, Magdalena, 2001. "Is Inflation Always and Everywhere a Monetary Phenomenon?," CEPR Discussion Papers 2841, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  2. Alan S. Blinder, 1999. "Central Banking in Theory and Practice," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522608.
  3. Paul De Grauwe & Magdalena Polan, 2001. "Is Inflation Always and Everywhere a Monetary Phenomenon?," International Economics Working Papers Series wpie009, Katholieke Universiteit Leuven, Centrum voor Economische Studiën, International Economics. [Downloadable!]
  4. Svensson, Lars E. O., 2003. "Comment on: The future of monetary aggregates in monetary policy analysis," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 1061-1070, July. [Downloadable!] (restricted)
  5. Nelson, Edward, 2003. "The Future of Monetary Aggregates in Monetary Policy Analysis," CEPR Discussion Papers 3897, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. George T. McCandless, Jr. & Warren E. Weber, 1995. "Some monetary facts," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 2-11. [Downloadable!]
  7. W A Razzak, 2001. "Money in the era of inflation targeting," Reserve Bank of New Zealand Discussion Paper Series DP2001/02, Reserve Bank of New Zealand. [Downloadable!]
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  1. Pablo García S & Rodrigo Valdés, 2003. "Dinero y Conducción de la Política Monetaria con Metas de Inflación," Economic Policy Papers Central Bank of Chile 09, Central Bank of Chile. [Downloadable!]
  2. Carlos Esteban Posada & Andrés Felipe García, . "¿No importa la cantidad de dinero?: "Inflation Targeting" y la teoría cuantitativa," Borradores de Economia 403, Banco de la Republica de Colombia. [Downloadable!]
    Other versions:
  3. José De Gregorio, 2003. "Mucho Dinero y Poca Inflación: Chile y la Evidencia Internacional," Economic Policy Papers Central Bank of Chile 08, Central Bank of Chile. [Downloadable!]
    Other versions:
  4. Mauricio A. Hernández & Munir Jalil Barney & Carlos Esteban Posada, . "¿Por qué ha crecido tanto la cantidad de dinero?: teoría y evidencia internacional (1975-2002)§," Borradores de Economia 402, Banco de la Republica de Colombia. [Downloadable!]
  5. Mauricio Hernández Monsalve & Munir A. Jalil Barney & Carlos Esteban Posada, 2006. "¿Por qué ha crecido tanto la cantidad de dinero?: teoría y Evidencia Internacional (1975-2002)," BORRADORES DE ECONOMIA 003821, BANCO DE LA REPÚBLICA. [Downloadable!]
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