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No Estaba Muerta, ...: La Teoría Cuantitativa y la Relación entre Dinero e Inflación

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Author Info
Jorge Hermann
Rómulo Chumacero

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Abstract

Este documento muestra un hecho estilizado robusto en la relación entre dinero e inflación en Chile: la inflación precede (estadísticamente) al crecimiento del dinero y no viceversa. Este hallazgo es robusto a la consideración del tipo de política monetaria, período muestral, agregado monetario, consideración de segundos momentos condicionales o la inclusión de metas de inflación. A su vez, se presenta una motivación teórica de porqué la evolución de los agregados monetarios no necesariamente está asociada a la inflación.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 324.

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Date of creation: Jul 2005
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Handle: RePEc:chb:bcchwp:324

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  2. Bierens, Herman J., 1997. "Testing the unit root with drift hypothesis against nonlinear trend stationarity, with an application to the US price level and interest rate," Journal of Econometrics, Elsevier, vol. 81(1), pages 29-64, November. [Downloadable!] (restricted)
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  6. Lawrence J. Christiano & Terry J. Fitzgerald, 1999. "The Band Pass Filter," NBER Working Papers 7257, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    • Lawrence J. Christiano & Terry J. Fitzgerald, 1999. "The Band pass filter," Working Paper 9906, Federal Reserve Bank of Cleveland. [Downloadable!]
    • Lawrence J. Christiano & Terry J. Fitzgerald, 2003. "The Band Pass Filter," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 435-465, 05. [Downloadable!] (restricted)
  7. Rómulo Chumacero, 2003. "A Toolkit for Analyzing Alternative Policies in The Chilean Economy," Working Papers Central Bank of Chile 241, Central Bank of Chile. [Downloadable!]
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  9. Jess Benhabib & Stephanie Schmitt-Grohe & Martin Uribe, 2003. "Backward-Looking Interest-Rate Rules, Interest-Rate Smoothing, and Macroeconomic Instability," Departmental Working Papers 200304, Rutgers University, Department of Economics. [Downloadable!]
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  10. 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!]
  11. Vilasuso, Jon, 2001. "Causality tests and conditional heteroskedasticity: : Monte Carlo evidence," Journal of Econometrics, Elsevier, vol. 101(1), pages 25-35, March. [Downloadable!] (restricted)
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