Unanticipated Money, Output, and the Price Level in the United States

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Unanticipated Money, Output, and the Price Level in the United States

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dc.contributor.author Barro, Robert J.
dc.date.accessioned 2010-01-11T15:38:02Z
dc.date.issued 1978
dc.identifier.citation Barro, Robert J. 1978. Unanticipated money, output, and the price level in the United States. Journal of Political Economy 86(4): 549-580. en_US
dc.identifier.issn 0022-3808 en_US
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:3450988
dc.description.abstract Earlier analysis of unanticipated money growth is extended to output (GNP) and the price level (GNP deflator) for recent U.S. experience. Price level determination is more complicated than output determination, because both anticipated and unanticipated money movements are involved. Empirical results accord well with the model-notably, they support the key hypothesis of a one-to-one, contemporaneous link be- tween anticipated money and the price level. Precise estimates are obtained for the lagged responses of output and prices to unanticipated money movements. Cross-equation comparisons indicate that the price response to unanticipated money movements has a longer lag than the output response. A form of lagged adjustment in money demand can account for this difference. The forecasts for inflation average 5.5 percent per year for 1977-80. en_US
dc.description.sponsorship Economics en_US
dc.language.iso en_US en_US
dc.publisher University of Chicago Press en_US
dc.relation.isversionof doi:10.1086/260699 en_US
dash.license LAA
dc.title Unanticipated Money, Output, and the Price Level in the United States en_US
dc.type Journal Article en_US
dc.description.version Version of Record en_US
dc.relation.journal Journal of Political Economy -Chicago- en_US
dash.depositing.author Barro, Robert J.
dc.date.available 2010-01-11T15:38:02Z

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  • FAS Scholarly Articles [7262]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University

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