Two illustrations of the quantity theory of money reloaded

IF 3.8 1区 经济学 Q1 ECONOMICS
Han Gao , Mariano Kulish , Juan Pablo Nicolini
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引用次数: 0

Abstract

We review the relationship between inflation, nominal interest rates, and rates of money growth for a group of OECD countries. Once regime changes are isolated in the data, the behavior of these series maintains the close relationship predicted by standard quantity theory models. With an estimated model, we show those relationships to be relatively invariant to frictions that can deliver different short-run dynamics. The trend component obtained from statistical filters does reasonably well in capturing these regime changes in estimated models. The quantity theory relationships are alive and well, and thus they are useful for policy design aimed at controlling inflation.
两个关于货币数量理论的例子
我们回顾了一组经合组织国家的通货膨胀、名义利率和货币增长率之间的关系。一旦在数据中隔离了制度变化,这些序列的行为保持了标准数量理论模型所预测的密切关系。通过估计模型,我们表明这些关系相对不受摩擦的影响,这些摩擦可以提供不同的短期动态。从统计过滤器中获得的趋势分量在捕获估计模型中的这些状态变化方面做得相当好。数量理论的关系仍然存在,因此它们对旨在控制通货膨胀的政策设计是有用的。
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来源期刊
CiteScore
5.80
自引率
6.10%
发文量
98
期刊介绍: The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.
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