Munich Personal RePEc Archive

The role of money in economies with monetary policy regimes that ignore monetary aggregates

Victor, Olivo (2011): The role of money in economies with monetary policy regimes that ignore monetary aggregates.

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Abstract

This paper discusses the important issue of price level determinacy from a theoretical and empirical perspective. The theoretical section relies basically on a dynamic aggregate demand aggregate supply (AD-AS) model. In the empirical section, we try to assess the relative importance of money against interest rate in explaining the evolution of the price level in six countries: Australia, Canada, Chile, South Korea, New Zealand and the United States

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