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| Author: | Karras, G. |
| Title: | Money, inflation, and output growth: does the aggregate demand - aggregate supply model explain the international evidence? |
| Journal: | Weltwirtschaftliches Archiv
1993 : VOL. 129:4, p. 662-674 |
| Index terms: | MONEY INFLATION OUTPUT |
| Language: | eng |
| Abstract: | The present paper investigates the relationship between money growth, inflation, and real output growth in a framework that allows for both structural and reduced-form estimation. Macroeconomic theory assumes the relationship of two structural relationships between output and the price level: (1) the aggregate supply, a direct relationship, and (2) the aggregate demand, an inverse relationship. Using post-war data from 32 countries, and using money supply and oil prices as instruments, this paper successfully identifies both structural relationships. |
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