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- Title
THE EFFECTS OF INSIDE AND OUTSIDE MONEY ON INDUSTRIAL PRODUCTION ACROSS SPECTRAL FREQUENCY BANDS.
- Authors
Thoma, Mark A.
- Abstract
Abstract--This paper examines money-income causality using band spectral filtering techniques. The paper's central finding is that relatively low frequency movements in outside money are responsible for the relationship between money and economic activity. This result is inconsistent with theoretical models in which unanticipated changes in money are responsible for movements in real activity. Reverse causality is also examined. The results are not supportive of a strong feedback relationship from income to inside money. However, there is evidence of strong feedback from income to outside money.
- Subjects
INDUSTRIAL productivity; MONEY &; economics; ECONOMIC activity; INCOME; ECONOMICS; INDUSTRIAL statistics; CAPITAL productivity; MARKETING research
- Publication
Review of Economics & Statistics, 1992, Vol 74, Issue 4, p737
- ISSN
0034-6535
- Publication type
Article
- DOI
10.2307/2109391