- 1、本文档共21页,可阅读全部内容。
- 2、有哪些信誉好的足球投注网站(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
1
2
0
2
DOES MONEY GROWTH
R
E
B
M
E
V TELL US ANYTHING ABOUT
O
N
4
0
|
INFLATION?
1
2
0
2
/
1
1
E
U
S FRANCESCO PAPADIA AND LEONARDO CADAMURO
S
I
|
R
E
P
A Economists and central bankers no longer consider monetary aggregates
P
G relevant for inflation forecasts. We explain this neglect by advancing and
N
I testing the hypothesis that monetary aggregates are only relevant for inflation
K
R
O in unsettled monetary and inflationary conditions. When inflation is basically
W
stable around the central bank target (1.9 percent), as it has been in most of the
last two decades, there is no apparent relationship between monetary aggregates
and inflation. This is not surprising: there is not much to be explained about a
constant.
Leonardo Cadamuro is a PhD Student at Hitotsubashi University
Francesco Papadia (francesco.papadia@) is a Senior Fellow at Bruegel
Recommended citation:
Cadamuro, L. and F. Papadia (2021) ‘Does money growth tell us anything about inflation?’,
Working Paper 11/2021, Bruegel
1 The salience of money for the European Central Bank, economists and the general
public
In the view of economists, money seems to have lost its relevance for forecasting, let alone explaining,
inflation. In the European Central Bank’s 2021 monetary policy strategy review (see ECB, 2021), there
is indeed a reference to “a weakening of the empirical link between monetary aggregates and
inflation”. And the economic and the monetary pillars of the ECB strategy have disappeared,
transform
您可能关注的文档
- 【罗兰贝格】清风徐来,翱翔蓝天——助力中国航空业迈向低碳、绿色、可持续发展之路.pdf
- 2021敏感肌竞品投放研究.pdf
- Gartner-2025超过100项数据和分析预测(英)-2021.pdf
- IMF-监测财政政策对气候的影响——追踪新冠肺炎应对措施的经验教训(英).pdf
- NLC-通往安全和公平城市的道路(英).pdf
- 菲沙研究所-2021年全民医疗保健国家绩效比较(英).pdf
- 光网络人工智能AI应用白皮书.pdf
- 国际粮食政策研究所-使农民田间学校制度化:卢旺达Twigire Muhinzi国家推广系统(英).pdf
- 国际事务研究院-非盟-欧盟和平与安全关系(英).pdf
- 兰德-欧洲防务战略自治(英).pdf
文档评论(0)