Excess Money Growth and Inflation Dynamics*

Are Money Growth and Inflation Still Related?

G E R A L D P . D W Y E R J R . A N D R . W . H A F E R Dwyer is vice president in charge of the financial section of the Atlanta Fed’s research department. Hafer is an Atlanta Fed visiting scholar and a professor of economics at Southern Illinois University-Edwardsville. They thank Lucy Ackert, Mark Fisher, Larry Wall, Warren Weber, and David C. Wheelock for comments and Shalini Patel for rese...

Historical U.S. Money Growth, Inflation, and Inflation Credibility

and quantity indexes are calculated separately for components of GDP and therefore the difference between nominal GDP and real GDP growth is only approximately equal to the change in the GDP price index. With fixed-weights, the GDP deflator is defined as the ratio of nominal to real GDP and hence the gap between nominal and real GDP growth rates is precisely equal to the growth rate in the GDP ...

Inflation and Money supply growth in Iran: Empirical Evidences from Cointegration and Causality

Investigating the Relationship between Money Growth and Inflation in Turkey: A Nonlinear Causality Approach

Theories on the relationship between money and inflation had largely been shaped around the positive relationship and money causality for inflation before the Post-Keynesians. Since the 1980s, this idea emerged that there might be no correlation between money growth and inflation. In the case of existence, the causality is reversed, so money is endogenous somehow. However, practically there is ...

Money and Inflation