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Price Pressure Gaps; An Application of P* Using Korean Data

Author

Listed:
  • Richard D Haas
  • Robert J. Corker

Abstract

This paper presents estimates of a price-pressure indicator for Korea. It does this by constructing measures of how much M2 velocity and output differ from their long-term values. This, in turn, involves estimating a demand for money function in an error correction framework in which interest rates in the unorganized money market help to account for the effects of ongoing financial liberalization. An equation explaining the Korean inflation rate is identified in which both the monetary variable--the velocity gap--and the real variable--the output gap--play important roles.

Suggested Citation

  • Richard D Haas & Robert J. Corker, 1991. "Price Pressure Gaps; An Application of P* Using Korean Data," IMF Working Papers 91/26, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:91/26
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    Cited by:

    1. Tsionas, Efthymios G., 2001. "P-STAR analysis in a converging economy: the case of Greece," Economic Modelling, Elsevier, vol. 18(1), pages 49-60, January.
    2. Karl-Heinz Tödter & Hans-Eggert Reimers, 1994. "P-Star as a link between money and prices in Germany," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 130(2), pages 273-289, June.

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