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Inflation and monetary regimes |
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| Authors: | Gerald P. Dwyer Mark Fisher |
| Affiliation: | aCenter for Financial Innovation and Stability, Federal Reserve Bank of Atlanta, 1000 Peachtree St. N.E., Atlanta GA 30309, USA;bUniversidad Carlos III de Madrid, Departamento de Economía de la Empresa, Calle Madrid, 126, 28903 Getafe, Madrid, Spain;cResearch Department, Federal Reserve Bank of Atlanta, 1000 Peachtree St. N.E., Atlanta GA 30309, USA |
| Abstract: | Correlations of inflation with the growth rate of money increase when data are averaged over longer time periods. Correlations of inflation with the growth of money also are higher when high inflation as well as low-inflation countries are included in the analysis. We show that serial correlation in the underlying inflation rate ties these two observations together and explains them. We present evidence that averaging increases the correlation of inflation and money growth in more when the underlying inflation rate has higher serial correlation. |
| Keywords: | Money and inflation Inflation Quantity theory |
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