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The Relationship Between Money Supply and Nominal Interest Rates - A Time Series Ana¬lysis for the United States

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Analisi del rapporto empirico tra le variazioni della massa monetaria misurata da M1 e i tassi di interesse nominali per il periodo 1959-1983 negli Usa. L’esame della regressione, basata su dati detrendizzati e su procedure di prefiltraggio del tipo Box-Jenkins, viene fatto per valutare le distribuzioni empiriche degli sfasamenti. Sono inoltre effettuati due test formali di causalità: il test di Haugh e quello di Granger. I risultati indicano, nei complesso, una risposta positiva dei tassi di interesse nominali alla variazione della massa monetaria, sia nel breve che nel lungo termine, mentre il « feedback » fra tassi nominali d’interesse e offerta di moneta risulta negativo. V’è da notare che la validità delle conclusioni non sembra essere nella sostanza influenzata dall’applicazione ai dati empirici di diversi prefiltri e metodologie d’analisi.

Suggested Citation

  • Balkan, Erol M. & Erol, Umit, 1991. "The Relationship Between Money Supply and Nominal Interest Rates - A Time Series Ana¬lysis for the United States," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 44(1), pages 1-19.
    • Handle: RePEc:ris:ecoint:0482
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