aggregates (broad and narrow money), foreign exchange reserves, inflation and interest rates. We found that after relatively …The article provides a general description of the world money development in both developed and developing countries … of neutrality and superneutrality of money in the light of GDP dynamics during monitored period and practical aspects of …

and PPI. A supply shock shows itself in instant PPI adjustment, a demand shock in CPI. Thus, in the CPI inflation equation … shocks to the PPI inflation, production and employment equations. In the second part we implement the model on monthly data …