The influence of money on prices in 14 OECD countries 1958–1975 |
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| Authors: | K Holden D A Peel |
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| Institution: | 1. Departments of Economics and Commerce, The University of Liverpool, Eleanor Rathbone Building, Myrtle Street, P.O.B. 147, L 69 3 BX, GB-Liverpool
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| Abstract: | A simple monetarist model is specified which has a reduced form relating the rate of change of prices to lagged price changes and current and lagged rates of change of money supply. The reduced form is estimated for 14 OECD countries using quarterly data for 1958–1975 and the stability of the estimated equations is examined. A policy of a constant rate of growth of money supply is found to imply a cyclical or fluctuating adjustment in the rate of price change. |
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