Bessler, David A.; Lee, Seongpyo - In: Empirical Economics 27 (2002) 3, pp. 427-446
This paper reconsiders empirical evidence on relationships among money, income, nominal prices, and wheat prices. Error correction and directed acyclic graphs are used to study both lagged and contemporaneous relations in late 19th and early 20th century U.S. data. We summarize evidence...