Estimating the Fisher Effect and the Stochastic Money Growth Process
This paper demonstrates that a change in the stochastic process generating money can alter the relationships between money and inflation, and between inflation and interest rates. The extent to which inflation is forecastable is shown to depend significantly on the extent to which money is forecastable. U.S. data over the 1953-86 period are used to demonstrate that instability in the Fisher effect coincides with changes in the stochastic process generating money. There is significantly stronger Fisher effect during a subsample in which money--and hence inflation--are more predictable. Copyright 1989 by Oxford University Press.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 27 (1989)
Issue (Month): 2 (April)
|Contact details of provider:|| Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK|
Fax: 01865 267 985
Web page: http://ei.oupjournals.org/
More information through EDIRC
|Order Information:||Web: http://www.oup.co.uk/journals|