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  • The relationship between real and nominal variables is a fundamental prob-lem in macroeconomics. This study examines correlations of nominal monetary aggregates (the monetary base, M1, and M2) and real output in a broad sample of countries in the 1975 # 2000 period. On average we typically observe small but statistically significantly positive correlations. For the monetary base and M1, there is a tendency of money changes to precede output changes since the half lag in money is more strongly correlated with output than the half lead in money; M1 and M2 are more strongly associated with real output than the monetary base. In high-inflation countries, the given correlations are typically negative, which indicates a possibility that very high money growth is harmful for the growth of real output.
  • The relationship between real and nominal variables is a fundamental prob-lem in macroeconomics. This study examines correlations of nominal monetary aggregates (the monetary base, M1, and M2) and real output in a broad sample of countries in the 1975 # 2000 period. On average we typically observe small but statistically significantly positive correlations. For the monetary base and M1, there is a tendency of money changes to precede output changes since the half lag in money is more strongly correlated with output than the half lead in money; M1 and M2 are more strongly associated with real output than the monetary base. In high-inflation countries, the given correlations are typically negative, which indicates a possibility that very high money growth is harmful for the growth of real output. (en)
  • Vztah mezi reálnými a nominálními proměnnými je v makroekonomii fundamentálním problémem. Tato studie zkoumá korelace nominálních měnových agregátů (měnové báze, M1, M2) a reálného výstupu v širokém souboru zemí v období 1975 - 2000. V průměru typicky pozorujeme malé, ale statisticky kladné korelace. Pro měnovou bázi a M1 existuje tendence k předbíhání peněžních změn před změnami produktů, protože poloviční zpoždění v penězích je silnějí korelováno s produktem než poloviční předstih v penězích; M1 a M2 jsou silněji spojené s reálným produktem než měnová báze. V zemích s vysoou inflací jsou dané korelace typicky záporné což indikuje možnost, že vlemi rychlí růst peněz je škodlivý pro růst reálného produktu. (cs)
Title
  • On the Correlations of Nominal Money and Real Output: A Simple Cross-Country Analysis1
  • On the Correlations of Nominal Money and Real Output: A Simple Cross-Country Analysis1 (en)
  • O korelaci nominálních peněz a reálného výstupu: Jednoduchá mezistátní analýza (cs)
skos:prefLabel
  • On the Correlations of Nominal Money and Real Output: A Simple Cross-Country Analysis1
  • On the Correlations of Nominal Money and Real Output: A Simple Cross-Country Analysis1 (en)
  • O korelaci nominálních peněz a reálného výstupu: Jednoduchá mezistátní analýza (cs)
skos:notation
  • RIV/62690094:18450/06:00002013!RIV08-GA0-18450___
http://linked.open.../vavai/riv/strany
  • 126-138
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • P(GA402/04/0642)
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  • 2
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http://linked.open...aciTvurceVysledku
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http://linked.open...dnocenehoVysledku
  • 490437
http://linked.open...ai/riv/idVysledku
  • RIV/62690094:18450/06:00002013
http://linked.open...riv/jazykVysledku
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  • correlation coefficients; half-lag and half-lead growth rates; nominal monetary aggregates; real output (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • SK - Slovenská republika
http://linked.open...ontrolniKodProRIV
  • [2FB6F16EFB91]
http://linked.open...i/riv/nazevZdroje
  • Ekonomický časopis
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http://linked.open...ichTvurcuVysledku
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http://linked.open...vavai/riv/projekt
http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • 54
http://linked.open...iv/tvurceVysledku
  • Duczynski, Petr
issn
  • 0013-3035
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http://localhost/t...ganizacniJednotka
  • 18450
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