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dc.contributor.authorHaug, Alfred A.en_NZ
dc.contributor.authorDewald, William G.en_NZ
dc.date.available2011-04-07T03:06:39Z
dc.date.copyright2010-09-01en_NZ
dc.identifier.citationHaug, A. A., & Dewald, W. G. (2010). Money, Output and Inflation in the Longer Term: Major Industrial Countries, 1880-2001 (Economics Discussion Papers Series No. 1013). Department of Economics, University of Otago. Retrieved from http://hdl.handle.net/10523/1121en
dc.identifier.urihttp://hdl.handle.net/10523/1121
dc.description.abstractWe study how fluctuations in money growth correlate with fluctuations in real output growth and inflation. Using band-pass filters, we extract cycles from each time series that last 2 to 8 (business cycles) and 8 to 40 (longer-term cycles) years. We employ annual data, 1880-2001 without gaps, for eleven industrial countries. Fluctuations in money growth do not play a systematic role at business cycle frequencies. However, money growth leads or affects contemporaneously inflation, but not real output growth, in the longer run. Also, formal break tests indicate no structural changes for the longer-term money growth and inflation relationship, despite changes in policy regimes.en_NZ
dc.format.mimetypeapplication/pdf
dc.publisherDepartment of Economics, University of Otagoen_NZ
dc.relation.ispartofseriesEconomics Discussion Papers Seriesen_NZ
dc.relation.urihttp://www.business.otago.ac.nz/econ/research/discussionpapers/index.htmlen_NZ
dc.subjectBand-pass filters; role of monetary aggregates; longer-term cyclesen_NZ
dc.subject.lcshHB Economic Theoryen_NZ
dc.titleMoney, Output and Inflation in the Longer Term: Major Industrial Countries, 1880-2001en_NZ
dc.typeDiscussion Paperen_NZ
dc.description.versionPublisheden_NZ
otago.bitstream.pages25en_NZ
otago.date.accession2010-10-14 21:23:56en_NZ
otago.schoolDepartment of Economicsen_NZ
otago.openaccessOpen
otago.place.publicationDunedin, New Zealanden_NZ
dc.identifier.eprints940en_NZ
otago.school.eprintsEconomicsen_NZ
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otago.relation.number1013en_NZ
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