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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.
15-09-2005
Macroeconomics and International Economics
inflation and money growth
switching regimes
quasi-rationality
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