Search Results

Showing results 1 to 4 of approximately 4.

(refine search)
SORT BY: PREVIOUS / NEXT
Author:Gao, Han 

Working Paper
Two Illustrations of the Quantity Theory of Money Reloaded

In this paper, we review the relationship between inflation rates, nominal interest rates, and rates of growth of monetary aggregates for a large group of OECD countries. We conclude that the low-frequency behavior of these series maintains a close relationship, as predicted by standard quantity theory models. In an estimated model, we show those relationships to be relatively invariant to alternative frictions that can deliver very different high-frequency dynamics. We argue that these relationships are useful for policy design aimed at controlling inflation.
Working Papers , Paper 774

Report
Online Appendix for: Two Illustrations of the Quantity Theory of Money Reloaded

Staff Report , Paper 634

Report
Two Illustrations of the Quantity Theory of Money Reloaded

In this paper, we review the relationship between inflation rates, nominal interest rates, and rates of growth of monetary aggregates for a large group of OECD countries. If persistent changes in the monetary policy regime are accounted for, the behavior of these series maintains the close relationship predicted by standard quantity theory models. With an estimated model, we show those relationships to be relatively invariant to alternative frictions that can deliver quite different high-frequency dynamics. We also show that the low-frequency component of the data derived from statistical ...
Staff Report , Paper 633

Report
The Recent Rise in US Inflation: Policy Lessons from the Quantity Theory

We build a scenario for inflation in the United States in the years to come. Following Gao, Kulish, and Nicolini (2021), we use the quantity theory of money as a conceptual framework and confront the theory with evidence from both the United States and other OECD countries. We argue that a) the quantity theory of money works very well in the medium term, which we define to be close to four years; b) deviations from the inflation rate predicted by the quantity theory tend to disappear in the medium term; c) the burst in inflation that started in 2012 in the United States is a deviation from ...
Staff Report , Paper 650

FILTER BY year

FILTER BY Series

FILTER BY Content Type

Report 3 items

Working Paper 1 items

FILTER BY Author

FILTER BY Jel Classification

E41 4 items

E51 4 items

E52 4 items

FILTER BY Keywords

PREVIOUS / NEXT