The recent de-emphasizing of the role of money in both theoretical macroeconomics as well as in the practical conduct … of monetary policy sits uneasily with the idea that inflation is a monetary phenomenon. Empirical evidence has, however …, been accumulating, pointing to an important leading indicator role for money and credit aggregates with respect to long …

that the Fed regards as causes and effects are captured in a vector autogregression. Taking account of cointegration, the … output and inflation. …

This paper tries to answer the long-standing question of whether money causes output. Instead of focusing on domestic … variable, U.S. money supply, does not seem to have a significant effect on China’s output. The results are supported by …

of currency in circulation and the broad money aggregate in the economy cannot be rejected through a quantity theoretical … co-integrating long-term variable space. We find that there exists an about one-to-one proportionality between money and … prices and money and real income, and that exogeneity of money cannot be rejected for the currency in circulation in the …

of currency in circulation and the broad money aggregate in the economy cannot be rejected through a quantity theoretical … co-integrating long-term variable space. We find that there exists an about one-to-one proportionality between money and … prices and money and real income, and that the exogeneity of money cannot be rejected for the currency in circulation in the …