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Output, the Price Level, Broad Money, and Divisia Monetary Aggregates With and Without Innovation: Taiwan, 1967(1)-1995(4)


  • Ford, J.L.


In this paper we consider the relationship between output, the price level and the Central Bank's broad money aggregate, M2, which is a simple sum of six 'monies'. We consider by way of comparison a divisia index, which we adjust to allow, in the alternatively and conceptually divergent ways, for the financial liberalisation that Taiwan has (possibly) nominally experienced since the end of the 1970s.

Suggested Citation

  • Ford, J.L., 1997. "Output, the Price Level, Broad Money, and Divisia Monetary Aggregates With and Without Innovation: Taiwan, 1967(1)-1995(4)," Discussion Papers 97-17, Department of Economics, University of Birmingham.
  • Handle: RePEc:bir:birmec:97-17

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    References listed on IDEAS

    1. West, Kenneth D., 1987. "A note on the power of least squares tests for a unit root," Economics Letters, Elsevier, vol. 24(3), pages 249-252.
    2. Eugene Canjels & Mark W. Watson, 1997. "Estimating Deterministic Trends In The Presence Of Serially Correlated Errors," The Review of Economics and Statistics, MIT Press, vol. 79(2), pages 184-200, May.
    3. Elliott, Graham, 1999. "Efficient Tests for a Unit Root When the Initial Observation Is Drawn from Its Unconditional Distribution," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(3), pages 767-783, August.
    4. Phillips, Peter C.B. & Ploberger, Werner, 1994. "Posterior Odds Testing for a Unit Root with Data-Based Model Selection," Econometric Theory, Cambridge University Press, vol. 10(3-4), pages 774-808, August.
    5. Perron, Pierre & Rodriguez, Gabriel, 2003. "GLS detrending, efficient unit root tests and structural change," Journal of Econometrics, Elsevier, vol. 115(1), pages 1-27, July.
    6. Elliott, Graham & Rothenberg, Thomas J & Stock, James H, 1996. "Efficient Tests for an Autoregressive Unit Root," Econometrica, Econometric Society, vol. 64(4), pages 813-836, July.
    7. Dolado, Juan J & Jenkinson, Tim & Sosvilla-Rivero, Simon, 1990. " Cointegration and Unit Roots," Journal of Economic Surveys, Wiley Blackwell, vol. 4(3), pages 249-273.
    8. Timothy J. Vogelsang, 1998. "Trend Function Hypothesis Testing in the Presence of Serial Correlation," Econometrica, Econometric Society, vol. 66(1), pages 123-148, January.
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    Cited by:

    1. Jane M. Binner & Alicia M. Gazely & Shu-Heng Chen & Bin-Tzong Chie, 2004. "Financial Innovation and Divisia Money in Taiwan: Comparative Evidence from Neural Network and Vector Error-Correction Forecasting Models," Contemporary Economic Policy, Western Economic Association International, vol. 22(2), pages 213-224, April.

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    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G2 - Financial Economics - - Financial Institutions and Services


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