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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 37 (1984), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Type of Medium: Electronic Resource
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  • 2
    ISSN: 0144-3585
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: The international linkages between money stocks (and inflationrates) has received much attention. Focuses on the advantages anddisadvantages of fixed and flexible exchange rate regimes. Fixed ratesystems require credible commitments to the rules of the game by thecentral banks involved. Credible commitment can be achieved throughcooperative (symmetric) or coercive (asymmetric) regimes. Did the USA(Germany) dominate other developed (European) countries during theBretton Woods (European Monetary) system? Examines the linkages, if any,between the USA (German) money stock and money stocks in other developed(European) countries, using the cointegration and error-correctionmethodology. Finds evidence that USA (German) money stock did affectother (European) countries' money stocks during fixed exchange rates.Finds, also, reverse causality which raises serious questions abouteither the dominance of the USA (Germany) within the Bretton Woods(European Monetary) system, or the usefulness of causality tests isanswering such questions.
    Type of Medium: Electronic Resource
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  • 3
    ISSN: 0144-3585
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: A number of recent papers have raised serious questions about the validity of the German dominance hypothesis, using Granger (temporal) causality tests. If Germany dominates within the European Monetary System, then German monetary policy, measured by either money stocks or interest rates should Granger (temporally) cause other EMS countries' monetary policies, but not vice versa. Empirical evidence leads analysts to conclude that the German dominance hypothesis is invalid, or at a minimum, in need of significant reformulation. Explores similar Granger causality tests, using the recent cointegration and error-correction modelling strategy, for the US and a group of developing countries during the Bretton Woods period, where conventional wisdom suggests that US policy dominated. Finds significant evidence of two-way causality between the US money stock and the money stocks of a large number of developing countries. These findings raise a serious questions about the interpretation and/or appropriateness of the Granger causality test for investigating policy dominance hypotheses.
    Type of Medium: Electronic Resource
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  • 4
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    Unknown
    Oxford : Periodicals Archive Online (PAO)
    Economic Inquiry. 28:4 (1990:Oct.) 756 
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  • 5
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 35 (1982), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: This paper is an empirical investigation of the hypothesis that there exists a positive relationship between the inflation rate and its variability. The hypothesis is tested for a sample of eighteen industrial countries for the period 1949-1970. In contrast to most previous studies, policy makers are allowed to revise their desired inflation rate by calculating a six-year moving average. The homogeniety assumption across countries is relaxed and the relationship between the average inflation rate and its variability over time is examined within each country. In addition, the argument that government financial policy is responsible for the variability of the inflation rate is reexamined in the context of a fixed-exchange-rate open economy; an alternative source of inflation variability is proposed-international inflation. A procedure that separates out the influence of the world inflation rate is developed and the relationship between the average inflation rate and its measure of variability attributable to domestic government financial policy is examined. The findings of this study provide less pervasive support than previous studies of the existence of a positive relationships between the inflation rate and its variability. Moreover, the positive causality uncovered might be due more to international inflation than to the actions of domestic financial authorities.
    Type of Medium: Electronic Resource
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