Do Asset Prices Help to Predict Consumer Price Inflation?Manchester School - Tập 68 Số s1 - Trang 122-140 - 2000
Charles Goodhart, Boris Hofmann
With goods prices being sticky, monetary impulses are initially transmitted to the real economy via changes in asset prices; and asset price fluctuations can independently affect monetary and real developments. Most empirical models try to incorporate such monetary–asset price interactions by the inclusion of a short‐term interest rate and the exchange rate, but there are good reasons to d...... hiện toàn bộ
Old Wine in New Bottles: Testing Causality between Savings and GrowthManchester School - Tập 69 Số s1 - Trang 97-105 - 2001
George Mavrotas, Roger E. Kelly
The paper uses the methodology of Toda and Yamamoto to test for causality between growth and savings in order to avoid problems and possible misleading inferences associated with the asymptotic nature of Granger causality testing in time‐series studies. The relationship between gross domestic product, gross domestic savings and private savings was examined for India and Sri Lanka. We found...... hiện toàn bộ