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Book Cover
Author Reinhart, Carmen M., author

Title Output fluctuations and monetary shocks : evidence from Colombia / by Carmen M. Reinhart and Vincent R. Reinhart
Published [Washington, D.C.] : International Monetary Fund, Research Department, 1991
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Description 1 online resource (ii, 29 pages) : illustrations
Series IMF working paper ; WP-91-35
IMF working paper ; WP/91/35
Summary Using annual data for Colombia over the last thirty years and a new battery of econometric techniques, we test opposing theories that explain macroeconomic fluctuations: the neoclassical synthesis, which posits that, in the presence of temporary price rigidity, an unanticipated monetary expansion produces output gains that erode over time with increases in the price level; and an alternative explanation, which focuses on real technological or preference shocks as the sources of output changes. the coefficients from these systems are used to examine two basic propositions: the long-run neutrality of nominal quantities with respect to permanent movements in the money stock; and the short-run sensitivity of output to inflation
Bibliography Includes bibliographical references (pages 27-29)
Notes Print version record
Subject Colombia -- Economic conditions -- Econometric models.
Form Electronic book
Author Reinhart, Vincent, author
International Monetary Fund. Research Department, issuing body
ISBN 1455249351