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No Estaba Muerta, ...: La Teoría Cuantitativa y la Relación entre Dinero e Inflación

  • Jorge Hermann
  • Rómulo Chumacero

Este documento muestra un hecho estilizado robusto en la relación entre dinero e inflación en Chile: la inflación precede (estadísticamente) al crecimiento del dinero y no viceversa. Este hallazgo es robusto a la consideración del tipo de política monetaria, período muestral, agregado monetario, consideración de segundos momentos condicionales o la inclusión de metas de inflación. A su vez, se presenta una motivación teórica de porqué la evolución de los agregados monetarios no necesariamente está asociada a la inflación.

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File URL: http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc324.pdf
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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 324.

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Date of creation: Jul 2005
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Handle: RePEc:chb:bcchwp:324
Contact details of provider: Postal: Casilla No967, Santiago
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Web page: http://www.bcentral.cl/

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  1. Stephanie Schmitt-Grohe & Martin Uribe, 2002. "Solving Dynamic General Equilibrium Models Using a Second-Order Approximation to the Policy Function," NBER Technical Working Papers 0282, National Bureau of Economic Research, Inc.
  2. Rómulo Chumacero, 2003. "A Toolkit for Analyzing Alternative Policies in The Chilean Economy," Working Papers Central Bank of Chile 241, Central Bank of Chile.
  3. Lucas, Robert E, Jr, 1980. "Equilibrium in a Pure Currency Economy," Economic Inquiry, Western Economic Association International, vol. 18(2), pages 203-20, April.
  4. L.J. Christiano & C.J. Gust, 1999. "Taylor Rules in a Limited Participation Model," DNB Staff Reports (discontinued) 33, Netherlands Central Bank.
  5. Richard Clarida & Jordi Gali & Mark Gertler, 1998. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," NBER Working Papers 6442, National Bureau of Economic Research, Inc.
  6. Francisco Rosende, 2003. "¿El Fin del Monetarismo?," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(121), pages 681-689.
  7. Vilasuso, Jon, 2001. "Causality tests and conditional heteroskedasticity: : Monte Carlo evidence," Journal of Econometrics, Elsevier, vol. 101(1), pages 25-35, March.
  8. Rodrigo Cerda & Aldo Lema, 2003. "Desalineamientos Monetarios, Desalineamientos Cambiarios e Inflación," Documentos de Trabajo 243, Instituto de Economia. Pontificia Universidad Católica de Chile..
  9. De Grauwe, Paul & Polan, Magdalena, 2001. "Is Inflation Always and Everywhere a Monetary Phenomenon?," CEPR Discussion Papers 2841, C.E.P.R. Discussion Papers.
  10. Klein, Paul, 2000. "Using the generalized Schur form to solve a multivariate linear rational expectations model," Journal of Economic Dynamics and Control, Elsevier, vol. 24(10), pages 1405-1423, September.
  11. W A Razzak, 2001. "Money in the era of inflation targeting," Reserve Bank of New Zealand Discussion Paper Series DP2001/02, Reserve Bank of New Zealand.
  12. Bierens, Herman J., 1997. "Testing the unit root with drift hypothesis against nonlinear trend stationarity, with an application to the US price level and interest rate," Journal of Econometrics, Elsevier, vol. 81(1), pages 29-64, November.
  13. Jose De Gregorio, 2003. "Dinero e Inflación: ¿En Qué Estamos?," Working Papers Central Bank of Chile 201, Central Bank of Chile.
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