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Output Fluctuations and Monetary Shocks: Evidence from Colombia Author info | Abstract | Publisher info | Download info | Related research | Statistics Reinhart, Carmen
Reinhart, Vincent
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Using annual data for Colombia over the last 30 years, we test competing theories that explain macroeconomic fluctuations: the neoclassical synthesis, which posits that in the presence of temporary price rigidity, an unanticipated monetary expansion produces output gains that erode over time with increases in the price level; and an alternative explanation, which focuses on "real" technological or preference shocks as sources of output changes. Coefficients from this system are used to examine the long-run neutrality of nominal quantities with respect to permanent movements in the money stock and the short-run sensitivity of output to inflation.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
6980.
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Date of creation: Dec 1991Date of revision:
Publication status: Published in IMF Staff Papers 4.38(1991): pp. 705-735Handle: RePEc:pra:mprapa:6980Contact details of provider: Postal: Schackstr. 4, D-80539 Munich, Germany Phone: +49-(0)89-2180-2219 Fax: +49-(0)89-2180-3900 Web page: http://mpra.ub.uni-muenchen.de More information through EDIRC
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Keywords: Colombia ; inflation ; growth ; exchange rates ; VAR ; Other versions of this item:
Find related papers by JEL classification: F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance F3 - International Economics - - International Finance E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
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Reinhart, Carmen, 1993.
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