Abstract

http://ssrn.com/abstract=1644925
 
 

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U.S. Domestic Money, Inflation and Output


Yunus Aksoy


Birkbeck, University of London

Tomasz Piskorski


Columbia Business School - Finance and Economics

March 1, 2006

Journal of Monetary Economics, Vol. 53, No. 2, pp.183-197, 2006

Abstract:     
Recent empirical research documents that the strong short-term relationship between U.S. monetary aggregates on one side and inflation and real output on the other has mostly disappeared since the early 1980s. Using the direct estimate of flows of U.S. dollars abroad we find that domestic money (currency corrected for the foreign holdings of dollars) contains valuable information about future movements of U.S. inflation and real output. Statistical evidence suggests that the Friedman-Schwartz stylized facts can be reestablished once the focus of analysis is back on the correct measure of domestic monetary aggregates.

Keywords: Foreign holdings, Domestic money, Monetary aggregates, Information value

JEL Classification: E3, E4, E5

Accepted Paper Series


Not Available For Download

Date posted: July 19, 2010 ; Last revised: August 20, 2011

Suggested Citation

Aksoy, Yunus and Piskorski, Tomasz, U.S. Domestic Money, Inflation and Output (March 1, 2006). Journal of Monetary Economics, Vol. 53, No. 2, pp.183-197, 2006. Available at SSRN: http://ssrn.com/abstract=1644925

Contact Information

Yunus Aksoy
Birkbeck, University of London ( email )
Malet Street
Room: 726
London WC1E 7HX
United Kingdom
+44 (0) 20 7631 6407 (Phone)
+44 (0) 20 7631 6416 (Fax)
Tomasz Piskorski (Contact Author)
Columbia Business School - Finance and Economics ( email )
3022 Broadway
New York, NY 10027
United States

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