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Is Inflation Always and Everywhere a Monetary Phenomenon?*
Abstract
Using a sample of about 160 countries over the last 30 years, we test for the quantity theory relationship between money and inflation. When analysing the full sample of countries, we find a strong positive relation between long‐run inflation and the money growth rate. The relation is not proportional, however. The strong link between inflation and money growth is almost wholly due to the presence of high‐(or hyper‐) inflation countries in the sample. The relationship between inflation and money growth for low‐inflation countries (on average less than 10% per annum over the last 30 years) is weak.
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Citations
Cited by
Money Growth, Money Velocity and Inflation in the US, 1948–2021
Castañeda, J. E., & Cendejas, J. L. (2024) · Open Economies Review · doi:10.1007/s11079-023-09739-0 · Cited by 12
Fasanya, I., Fajobi, A., & Adetokunbo, A. (2021) · Economic Annals · doi:10.2298/eka2128123f · Cited by 8
Cointegration Analysis of US M2 and Gold Price Over the Last Half Century
Synek, R. (2024) · European Financial and Accounting Journal · doi:10.18267/j.efaj.283 · Cited by 1
Metadata
- Authors
- Grauwe, P. D., & Polan, M.
- Venue
- The Scandinavian Journal of Economics
- Publisher
- Wiley
- Published
- 2005-06
- Volume
- 107
- Issue
- 2
- Pages
- 239-259
- ISSN
- 0347-0520 (ISSN-L)
- 1467-9442
- OpenAlex
- W3121856144
- Cited by
- 274
- References
- 0
- FWCI
- 21.70
- Type
- journal article
- Language
- en
- Open access
- closed
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- Grauwe, P. D., & Polan, M. (2005). Is Inflation Always and Everywhere a Monetary Phenomenon?*. The Scandinavian Journal of Economics. https://doi.org/10.1111/j.1467-9442.2005.00406.x
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