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Excess Money Growth and Inflation Dynamics

出版	Banca d'Italia, 2007
URL	http://books.google.com.hk/books?id=dx0oAQAAMAAJ&hl=&source=gbs_api

註釋The paper analyses the shortrun impact of periods of strong monetary growth oninflation dynamics for 15 industrialised economies. We find that, over a 3-year horizon, the positive link between monetary aggregates and prices holds in approximately fifty percent ofthe cases. An econometric investigation suggests that a contemporaneous increase in the gap measures of the real stock price and real housing price and strong dynamics of loans to the private sector significantly increase the probability of turning an episode of excessive money growth into an inflationary out burst.