## Inflation in a Low-income Country: Tests Based on the Quantity Theory of Money |

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01 Philippines affect inflat annual rate annual time-series data appropriate lag length causal i ty change of real coefficient conventional econometric Dependent Explanatory variable Dependent Variable differencing Dmi-ſ dummy variable econometric mode exogenous Explanatory variable variable final prediction error GDP price deflator Granger causal Granger-causes inflation growth on inflation impact of money inflation equat inflation rate inflation-rate equation lagged one period lengths and Granger Low-Income Country monetary aggregate money and inflation money growth money supply money-demand model nominal interest rate nominal money number of observations numbers in parentheses optimal own lag parentheses are t-ratios positive ly related quantity theory Quezon City rate is regressed rate of change real GDP real income growth real output growth Regression of Inflat remaining explanatory variable reserve money stationary Table test Dependent Explanatory Test for Stationarity tested using annual Tests Based theoretical theory of money time-series techniques variable variable constant