Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/309985 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
EIQ Paper No. 189
Verlag: 
London School of Economics and Political Science (LSE), European Institute, London
Zusammenfassung: 
In this article, we use as case study the Spanish economy in the Early Modern period. We use recent time series data for the period 1492 - 1810. We consider the possibility that a linear cointegrated regression model with multiple structural changes would provide a good empirical description of the classical model of inflation for Spain over this long period. The principle testable implication is that money growth and inflation are cointegrated, ruling out speculative bubbles in the Spanish inflation rates.
Schlagwörter: 
Classical model of inflation
Money demand
Money growth
Inflation
Explosiveness
Time-varying volatility
Cointegration
multiple structural changes
JEL: 
C22
E31
E51
N13
Dokumentart: 
Working Paper

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