revisit claims in the literature that money growth is Granger-causal for inflation at low frequencies. Applying frequency … Granger-causal for low-frequency inflation movements, and all variables affect money growth. We therefore interpret opposite … results from bivariate inflation/money growth systems as spurious due to omittedvariable biases. We also analyze the resulting …

Our paper studies the relationship between money growth and consumer price inflation in the euro area using wavelet … analysis. Wavelet analysis allows to account for variations in the money growth-inflation relationship both across the … frequency spectrum and across time. We find evidence of strong comovements between money growth and inflation at low frequencies …