Exchange rates, prices and money: A long‐run perspective

Paul DE GRAUWE · Marianna Blix Grimaldi

30 citations0/0 files storedInternational Journal of Finance & Economics

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

Abstract In this paper we analyse the long‐run proportionality and neutrality propositions between inflation and money growth and between exchange rate changes and money growth. Using a sample of 100 countries over a thirty‐year period we find that the evidence in favour of these propositions is weak for the low inflation countries and very strong for the high inflation countries. We propose an explanation based on productivity shocks and transaction costs. Copyright © 2001 John Wiley & Sons, Ltd.

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References

1997Foundations of International Macroeconomics 1996The Purchasing Power Parity Puzzle 2000The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?1996Advanced macroeconomics 1995Inflation and Economic Growth 1999Monetary Theory and Policy 1990Lectures on macroeconomics 1990Lectures on Macroeconomics.

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