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The Monetarist versus the Neo-Keynesian Views on the Acceleration of Inflation: Some Evidence from South Asian Countries (with Special Emphasis on Pakistan)

  • Akhtar Hossain

    (Newcastle University, Australia.)

This paper tests the monetarist versus the neo-Keynesian views on the acceleration of inflation, using annual data for Bangladesh, India, Nepal, Pakistan, and Sri Lanka (mostly) for the period 1961—88, within the framework of the theoretical model of Stein (1978, 1982). The empirical results consistently support the monetarist view that changes in real money balances contribute to an acceleration of inflation. Another important finding is that except for Bangladesh, contrary to the neo-Keynesian view, bond-financed government expenditure does not have an independent significant effect on the acceleration of inflation.

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File URL: http://www.pide.org.pk/pdf/PDR/1990/Volume1/19-32.pdf
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Article provided by Pakistan Institute of Development Economics in its journal The Pakistan Development Review.

Volume (Year): 29 (1990)
Issue (Month): 1 ()
Pages: 19-32

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Handle: RePEc:pid:journl:v:29:y:1990:i:1:p:19-32
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  1. Stein, Jerome L., 1978. "Inflation, employment and stagflation," Journal of Monetary Economics, Elsevier, vol. 4(2), pages 193-228, April.
  2. JONATHAN D. JONES & NASIR M. KHIUl, 1988. "Money Growth, Inflation, and Causality (EmpiricalEvidence for Pakistan, 1973-1985)," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 27(1), pages 45-58.
  3. Md. Akhtar Hossain, 1986. "Monetary Disequilibrium and Inflation. A Monetary Model of Inflation in Pakistan, 1963-82," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 25(2), pages 141-162.
  4. Karl Brunner, 1970. "The “monetarist revolution” in monetary theory," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 105(1), pages 1-30, September.
  5. Turnovsky, Stephen J & Wohar, Mark E, 1984. "Monetarism and the Aggregate Economy: Some Longer-Run Evidence," The Review of Economics and Statistics, MIT Press, vol. 66(4), pages 619-29, November.
  6. Desai, Meghnad & Blake, David, 1982. "Monetarism and the US economy: A re-evaluation of Stein's model 1960-1973," Journal of Monetary Economics, Elsevier, vol. 10(1), pages 111-125, July.
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