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Price Pressure Gaps

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  • Richard D. Haas
  • Robert J. Corker
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    Abstract

    This paper presents estimates of a price-pressure indicator for Korea. It does this by constructing measures of how much M2 velocity and output differ from their long-term values. This, in turn, involves estimating a demand for money function in an error correction framework in which interest rates in the unorganized money market help to account for the effects of ongoing financial liberalization. An equation explaining the Korean inflation rate is identified in which both the monetary variable--the velocity gap--and the real variable--the output gap--play important roles.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 91/26.

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    Length: 26
    Date of creation: 01 Mar 1991
    Date of revision:
    Handle: RePEc:imf:imfwpa:91/26

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    Cited by:
    1. Tsionas, Efthymios G., 2001. "P-STAR analysis in a converging economy: the case of Greece," Economic Modelling, Elsevier, Elsevier, vol. 18(1), pages 49-60, January.
    2. Karl-Heinz Tödter & Hans-Eggert Reimers, 1994. "P-Star as a link between money and prices in Germany," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 130(2), pages 273-289, June.

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