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Money, Income and Prices in Switzerland: An Empirical Test
Jetzer, Martin | Weissenberger, Edgar
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 99 (1979), Iss. 4 : pp. 491–500
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Jetzer, Martin
Weissenberger, Edgar
Abstract
It is shown that the distributed lag estimation of nominal GNP, money and prices does not yield empirical results consistent with the well known monetarist propositions. Specifically we find evidence of unidirectional causation from income to money, as well as from the monetary base to prices. However, feedback from money to prices cannot be excluded. We believe that these results are characteristic for small, open in contrast to closed economies.