Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/309985 
Year of Publication: 
2024
Series/Report no.: 
EIQ Paper No. 189
Publisher: 
London School of Economics and Political Science (LSE), European Institute, London
Abstract: 
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.
Subjects: 
Classical model of inflation
Money demand
Money growth
Inflation
Explosiveness
Time-varying volatility
Cointegration
multiple structural changes
JEL: 
C22
E31
E51
N13
Document Type: 
Working Paper

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