Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/211546 
Year of Publication: 
1989
Series/Report no.: 
Bank of Finland Discussion Papers No. 11/1989
Publisher: 
Bank of Finland, Helsinki
Abstract: 
This paper studies the Granger causality between money, output, prices and nominal interest rates by making use of long time series from 11 countries. Empirical analyses, both in the time and frequency domain, suggest that money does not help in predicting movements in output over time. In fact, only in the cases of Canada, Italy and Norway there seems to exist a unidirectional causation from money to real output. A quite different result emerges with money and prices. Thus, typically causation runs from money to prices during the sample period.
Persistent Identifier of the first edition: 
ISBN: 
951-686-195-4
Document Type: 
Working Paper

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