美国流动货币与选定价格指数的关系

Q3 Economics, Econometrics and Finance

International Journal of Monetary Economics and Finance Pub Date : 2021-02-19 DOI:10.1504/IJMEF.2021.113305

J. Černohorský

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引用次数: 0

摘要

本文的目的是评估1961-2018年美国经济中流动货币的发展与选定价格指数之间的关系。采用恩格尔-格兰杰协整检验和格兰杰因果关系来计算它们之间的关系。协整并没有在任何一个案例中得到证明。因此，本研究的贡献在于证实了大多数较新研究的结论，即在当前条件下，货币定量理论是无效的。然而，几乎所有的案例都证明了短期的格兰杰因果关系。因此，我们可以根据流动货币数量的发展来预测消费者价格以及债券和房地产的价格。根据所有这些价格指标的发展情况，也可以预测流动货币数量的发展。因此，央行仍然可以在一定程度上通过影响货币供应量来影响经济中的重要价格。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The relationship of liquid money and selected price indices in the USA

The aim of this paper is to assess the relationship between the development of liquid money and selected price indices in the US economy in 1961-2018. The Engle-Granger cointegration test and Granger causality are used to calculate the relationships. Cointegration was not demonstrated in any of the cases. Therefore, this study's contribution lies in confirming the conclusions of mostly newer studies concerning the invalidity of the quantitative theory of money under current conditions. However, short-term Granger-causal relationships were demonstrated in almost all cases. Thus, we can predict consumer prices and the prices for bonds and real estate based on the development of the amount of liquid money. It is also possible to predict the development of the amount of liquid money based on how all these price indicators develop. So central banks can still to some extent affect significant prices in the economy by influencing the money supply.

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来源期刊

International Journal of Monetary Economics and Finance Economics, Econometrics and Finance-Finance

CiteScore

1.20

自引率

0.00%

发文量

期刊介绍： International money, banking and finance have become central to understanding how modern open economies and national economic policies work and interact. IJMEF is an international, peer-reviewed journal at the forefront of economic research, fostering discussion on advances in research which have a significant, long-term impact. With articles from both economists and finance experts, IJMEF represents a focal point for understanding issues involved in economic growth, providing a truly global perspective on monetary and financial questions at national and international levels. Topics covered include: -International financial institutions- Monetary theory- Exchange rates and interest rates- Bank services and development- Central banking- International banking- Credit and financial markets- Open economy macroeconomics- Macroeconometrics- International finance- Financial markets and institutions- Corporate governance- Financial liberalisation- Financial performance- Credit channels.