MACROECONOMETRIC STABILIZATION AND IMF POLICIES: A SURVEILLANCE OF INFLATION
This paper uses time series data from 1960 to 2012 to evaluate the long-run relationship between aggregate money supply and changes in the general price level (inflation) for a selected group of countries with historically stable prices and episodes of very high inflation. Recent paradigmatic shifts...
| Main Author: | |
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| Format: | Article |
| Language: | English |
| Published: |
Universidade de Santiago de Compostela
2015-09-01
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| Series: | Revista Galega de Economía |
| Subjects: | |
| Online Access: | https://revistas.usc.gal/index.php/rge/article/view/2764 |
| _version_ | 1811165150369021952 |
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| author | Christopher E.S. WARBURTON |
| author_facet | Christopher E.S. WARBURTON |
| author_sort | Christopher E.S. WARBURTON |
| collection | DOAJ |
| description | This paper uses time series data from 1960 to 2012 to evaluate the long-run relationship
between aggregate money supply and changes in the general price level (inflation) for a
selected group of countries with historically stable prices and episodes of very high inflation.
Recent paradigmatic shifts from exchange-rate-based stabilization policies to
conditionalities involving price stability have greatly influenced the empirical work of this
paper. Empirical results indicate that the money supply and inflation are cointegrated in
some countries with high spells of inflation, such as Argentina, Brazil, and Mexico, but that
the variables may not be cointegrated with each other for countries with prices that are
generally and historically stable, such as the UK and the US. The paper highlights the need for
good quality governance, employment, and productivity in surveillance measures that are
designed to obtain external balance. |
| first_indexed | 2024-04-10T15:32:57Z |
| format | Article |
| id | doaj.art-f5429a566bb4467b8bb2e2262dc60bcf |
| institution | Directory Open Access Journal |
| issn | 1132-2799 2255-5951 |
| language | English |
| last_indexed | 2024-04-10T15:32:57Z |
| publishDate | 2015-09-01 |
| publisher | Universidade de Santiago de Compostela |
| record_format | Article |
| series | Revista Galega de Economía |
| spelling | doaj.art-f5429a566bb4467b8bb2e2262dc60bcf2023-02-13T12:53:13ZengUniversidade de Santiago de CompostelaRevista Galega de Economía1132-27992255-59512015-09-0123410.15304/rge.23.4.2764MACROECONOMETRIC STABILIZATION AND IMF POLICIES: A SURVEILLANCE OF INFLATIONChristopher E.S. WARBURTON0East Stroudsburg University, PA, USAThis paper uses time series data from 1960 to 2012 to evaluate the long-run relationship between aggregate money supply and changes in the general price level (inflation) for a selected group of countries with historically stable prices and episodes of very high inflation. Recent paradigmatic shifts from exchange-rate-based stabilization policies to conditionalities involving price stability have greatly influenced the empirical work of this paper. Empirical results indicate that the money supply and inflation are cointegrated in some countries with high spells of inflation, such as Argentina, Brazil, and Mexico, but that the variables may not be cointegrated with each other for countries with prices that are generally and historically stable, such as the UK and the US. The paper highlights the need for good quality governance, employment, and productivity in surveillance measures that are designed to obtain external balance.https://revistas.usc.gal/index.php/rge/article/view/2764DevaluationFlexible Exchange RateInflationStabilizationSurveillance |
| spellingShingle | Christopher E.S. WARBURTON MACROECONOMETRIC STABILIZATION AND IMF POLICIES: A SURVEILLANCE OF INFLATION Revista Galega de Economía Devaluation Flexible Exchange Rate Inflation Stabilization Surveillance |
| title | MACROECONOMETRIC STABILIZATION AND IMF POLICIES: A SURVEILLANCE OF INFLATION |
| title_full | MACROECONOMETRIC STABILIZATION AND IMF POLICIES: A SURVEILLANCE OF INFLATION |
| title_fullStr | MACROECONOMETRIC STABILIZATION AND IMF POLICIES: A SURVEILLANCE OF INFLATION |
| title_full_unstemmed | MACROECONOMETRIC STABILIZATION AND IMF POLICIES: A SURVEILLANCE OF INFLATION |
| title_short | MACROECONOMETRIC STABILIZATION AND IMF POLICIES: A SURVEILLANCE OF INFLATION |
| title_sort | macroeconometric stabilization and imf policies a surveillance of inflation |
| topic | Devaluation Flexible Exchange Rate Inflation Stabilization Surveillance |
| url | https://revistas.usc.gal/index.php/rge/article/view/2764 |
| work_keys_str_mv | AT christophereswarburton macroeconometricstabilizationandimfpoliciesasurveillanceofinflation |