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Exchange rates, prices and money: a long-run perspective

De Grauwe, Paul and Grimaldi, Marianna (2001) Exchange rates, prices and money: a long-run perspective. International Journal of Finance and Economics, 6 (4). pp. 289-313. ISSN 1076-9307

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Abstract

In this paper we analyse the long-run proportionality and neutrality propositions between inflation and money growth and between exchange rate changes and money growth. Using a sample of 100 countries over a thirty-year period we find that the evidence in favour of these propositions is weak for the low inflation countries and very strong for the high inflation countries. We propose an explanation based on productivity shocks and transaction costs.

Item Type: Article
Official URL: http://onlinelibrary.wiley.com/journal/10.1002/%28...
Additional Information: © 2001 John Wiley & Sons
Library of Congress subject classification: H Social Sciences > HG Finance
J Political Science > JZ International relations
Journal of Economic Literature Classification System: F - International Economics > F3 - International Finance > F31 - Foreign Exchange
F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F40 - General
Sets: Departments > European Institute
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 05 Oct 2012 08:31
URL: http://eprints.lse.ac.uk/46560/

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