Dinero como indicador de la inflación en Chile
[Money as an inflation indicator in Chile]
This paper proposes a closed-economy new keynesian model to evaluate the role of high growth rate of monetary aggregates on the inflation determination in Chile the last years. We estimate a rational expectations equations system derived by the model through Generalized Method of Moments (GMM). Main results do not find statistical evidence of relevant additional information in monetary aggregates -M1A and M2A- to predict inflation that were not contained in lags of output gap.
|Date of creation:||Jul 2005|
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- Karl Whelan & Jeremy Rudd, 2001.
"New tests of the New-Keynesian Phillips Curve,"
Open Access publications
10197/249, School of Economics, University College Dublin.
- Tobias Broer & Rodrigo Caputo, 2004. "Money As An Inflation Indicator In Chile: Does P* Still Work?," Working Papers Central Bank of Chile 293, Central Bank of Chile.
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