全球智库信息集成服务系统(G2TT): The Timing of Monetary and Price Changes and the International Transmission of Inflation

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w0549
来源ID	Working Paper 0549
	The Timing of Monetary and Price Changes and the International Transmission of Inflation
	Anthony Cassese; James R. Lothian
发表日期	1980-09-01
出版年	1980
语种	英语
摘要	This paper presents a theoretical and empirical investigation into timing relationships between variables within and across industrialized countries. In the analysis we highlight the two polar cases of completely closed and open economies and draw some implications for timing between monetary expansion and inflation, inter-country comparisons of inflation rates and interest rates, and comparisons of central bank behavior. The Granger-causality test is applied in a bivariate fashion to these groups of variables. The main empirical results of our analysis are: (1) Domestic monetary expansion appears to lead inflation in the sense that money Granger-causes prices without feedback, contradicting an implication of the monetary approach to the balance of payments. (2) Hardly any significant timing relationship exists between domestic and foreign rates of inflation during the fixed exchange rate period, providing no evidence for a generalized "law of one price." (3) Some sterilization of official reserve inflows was successfully performed by the non-reserve central banks, except for Canada. (4) U.S. interest rates Granger-cause foreign rates, providing evidence of some international transmission via asset markets.
主题	Macroeconomics ; International Economics
URL	https://www.nber.org/papers/w0549
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/557737
推荐引用方式 GB/T 7714	Anthony Cassese,James R. Lothian. The Timing of Monetary and Price Changes and the International Transmission of Inflation. 1980.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w0549.pdf（398KB）	智库出版物		限制开放	CC BY-NC-SA	浏览