Fiche du document
- handle: 10670/1.73bqoz
- halshs: halshs-00754167
- doi: 10.1016/j.jimonfin.2005.11.006
Ce document est lié à :
info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jimonfin.2005.11.006
Mots-clés
Demand for money Cointegration Inflation Transition E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E52 - Monetary Policy E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E41 - Demand for Money E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E31 - Price Level • Inflation • DeflationSujets proches
Specie Monetary question Money, Primitive Currency Standard of valueCiter ce document
Nina Budina et al., « Money, inflation and output in Romania, 1992-2000 », Archive Ouverte d'INRAE, ID : 10.1016/j.jimonfin.2005.11.006
Métriques
Partage / Export
Résumé
Money, inflation and output are tested for stationarity, and found to be integrated of order one. We apply the Johansen procedure for cointegration to test for the rank of the matrix of cointegration relations (one), to test for the weak exogeneity of output (accepted), inflation (rejected) and money (rejected). We interpret the unique cointegrating relationship as an extended Cagan money demand function. We then estimate error correction mechanisms, which explain the short-run movements of real money and inflation. The evidence suggests that in the period considered, including the sub-sample between the liberalization shocks, inflation was largely a monetary phenomenon.