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Excess money growth and inflation dynamics Author info | Abstract | Publisher info | Download info | Related research | Statistics Barbara Roffia () (European Central Bank, Directorate General Economics, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany. )
Andrea Zaghini () (Banca d’Italia, Economic Research Department, Via Nazionale 91, 00184 Rome, Italy. )
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registered author(s):
The paper analyses the short-run impact of periods of strong monetary growth on inflation dynamics for 15 industrialised economies. We find that, over a 3-year horizon, the positive link between monetary aggregates and prices holds in approximately fifty percent of the cases. An econometric investigation suggests that a contemporaneous increase in the gap measures of the real stock price and real housing price and strong dynamics of loans to the private sector significantly increase the probability of turning an episode of excessive money growth into an inflationary outburst. JEL Classification: E31, E40.
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Paper provided by European Central Bank in its series Working Paper Series with number
749.
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Length: 40 pages
Date of creation: May 2007Date of revision:
Handle: RePEc:ecb:ecbwps:20070749Contact details of provider: Postal: Postfach 16 03 19, Frankfurt am Main, Germany Phone: +49 69 1344 0 Fax: +49 69 1344 6000 Web page: http://www.ecb.europa.eu/home/html/index.en.html More information through EDIRC
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Keywords: Inflation money growth quantity theory of money. Other versions of this item:
This paper has been announced in the following NEP Reports :
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.: Barbara Roffia & Andrea Zaghini, 2007.
"Excess money growth and inflation dynamics ,"
Working Paper Series
749, European Central Bank.
[Downloadable!]
Other versions:
Barbara Roffia & Andrea Zaghini, 2008.
"Excess money growth and inflation dynamics ,"
Temi di discussione (Economic working papers)
657, Bank of Italy, Economic Research Department.
[Downloadable!] Barbara Roffia & Andrea Zaghini, 2007.
"Excess Money Growth and Inflation Dynamics ,"
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[Downloadable!]
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Barbara Roffia & Andrea Zaghini, 2008.
"Excess money growth and inflation dynamics ,"
Temi di discussione (Economic working papers)
657, Bank of Italy, Economic Research Department.
[Downloadable!] Barbara Roffia & Andrea Zaghini, 2007.
"Excess Money Growth and Inflation Dynamics ,"
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