Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152816
Authors: 
Haug, Alfred A.
Dewald, William G.
Year of Publication: 
2004
Series/Report no.: 
ECB Working Paper 382
Abstract: 
Abstract: We study how fluctuations in money growth correlate with fluctuations in real and nominal output growth and inflation. We pick cycles from each time series that last 2 to 8 (business cycles) and 8 to 40 (longer-term cycles) years, using band-pass filters. We employ a data set from 1880 to 2001 for eleven countries, without gaps. Fluctuations in money growth do not play a systematic and important role at the business cycle frequency. However, money growth leads or contemporaneously affects nominal output growth and inflation in the longer run. This result holds despite differences in policies and institutions across countries.
Subjects: 
2 to 8 year cycles
8 to 40 year cycles
Band-pass filters
JEL: 
E3
Document Type: 
Working Paper

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