Hofmann, Boris (contributor) - 2008
2008
We further consider three indicators, the change in p-star, the real money gap and the
monetary overhang, derived …-run trend price level p-star
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01 2tt t t
p maay aoc=−− − , where an asterisk denotes the long-run trend level of a variable ….42 ) 0.73 ( 0.32 )
Δ P-star (M3) 1.13 ( 1.00 ) 1.23 ( 1.00 ) 1.30 ( 1.00 )
Real money gap (M3) 2.08 ( 1.00 ) 1.52 ( 1 …