Money, Price Level and Output : Evidence from Asian Developing Countries

概要

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This paper presents empirical evidence on money, price level and output to test the Keynesian, monetary and real business cycle theories using annual data from two Asian developing countries, Pakistan and India, covering period 1953-2004 and 1953-1997 respectively. An error-correction equation to explain inflation is presented that passes the Chow test for parameter stability and fits the data well for both countries. For both countries, variance decomposition and impulse responses from the vector-error correction model support the Keynesian theory which claims that effects of monetary shocks on real output do not die down quickly.
千葉大学の論文
2005-12-14