Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, … - 2009
, inflation, real exchange rate, oil exports, and foreign real output, the paper finds clear evidence for two long run relations …: an output equation as predicted by the theory and a standard real money demand equation with inflation acting as a proxy … significant negative long run association between inflation and real GDP, which is suggestive of economic inefficiencies. Once the …