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Money and prices in models of bounded rationality in high inflation economies
Marcet, Albert; Nicolini, Juan Pablo
Universitat Pompeu Fabra. Departament d'Economia i Empresa
This paper studies the short run correlation of inflation and money growth. We study whether a model of learning can do better than a model of rational expectations, we focus our study on countries of high inflation. We take the money process as an exogenous variable, estimated from the data through a switching regime process. We findthat the rational expectations model and the model of learning both offer very good explanations for the joint behavior of money and prices.
Macroeconomics and International Economics
inflation and money growth
switching regimes
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