, 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 …

growth in only six of the seventeen countries, namely Algeria, Egypt, Iran, Jordan, Lebanon, and Turkey. Second, our results … squares test confirms that Okun's Law is stable in Algeria, Egypt, and Iran, unstable in Jordan, and ambiguous in Lebanon and …

, 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 …