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| Author: | Assenmacher-Wesche, K. Gerlach, S. |
| Title: | Money at low frequencies |
| Journal: | Journal of the European Economic Association
2007 : APR/MAY, VOL. 5:2-3, p. 534-542 |
| Index terms: | finance inflation money supply monetary theory models international |
| Language: | eng |
| Abstract: | Due to the seemingly disappearance of the link between money growth (hereafter as: m-g.) and inflation (here as: infl.) in the 1980s, many central banks have abandoned monetary targeting. Using regression techniques, this paper shows that for the euro area, Japan, the UK, and the U.S., there is a unit relationship btw. m-g. and infl. at low frequencies when accounting for the impact of interest rate changes on money demand. Estimated are Phillips-curve equations combining the low-frequency information (as: info.) from money growth with high-frequency info. from the output gap to explain infl. movements. |
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