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Unanticipated Money, Output, and the Price Level in the United States
Open accessAbstract
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 between 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.
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Citations
Cited by
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Bernanke, B. (1983) · National Bureau of Economic Research · doi:10.3386/w1054 · Cited by 2,173
A method of moments interpretation of sequential estimators
Newey, W. K. (1984) · Economics Letters · doi:10.1016/0165-1765(84)90083-1 · Cited by 331
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The real effects of public investment on private investment
Erenburg, S. J. (1993) · Applied Economics · doi:10.1080/00036849300000137 · Cited by 128
Metadata
- Authors
- Barro, R. J.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1978-08
- Volume
- 86
- Issue
- 4
- Pages
- 549-580
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2137404364
- Cited by
- 667
- References
- 0
- FWCI
- 80.53
- Type
- journal article
- Language
- en
- Open access
- green
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- Barro, R. J. (1978). Unanticipated Money, Output, and the Price Level in the United States. Journal of Political Economy. https://doi.org/10.1086/260699
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