Understanding the money–prices relationship under low and high inflation regimes: Argentina 1977–2006

Autores
Basco, Emiliano; D'Amato, Laura; Garegnani, María Lorena
Año de publicación
2009
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
We study the regime dependence of the money–prices relationship, focusing on Argentina's experience over the last 30 years. Using descriptive and cointegration analysis we find that proportionality holds for the high inflation period but weakens once inflation lowers. Money velocity correlates positively with money growth under high inflation, while this relation reverts under low inflation. VAR analysis allows to identify the key role of inflation expectations in driving the short-run dynamics of the money growth–inflation relationship under high inflation. Although this relationship weakens under low inflation, money continues to play a role in explaining inflation dynamics in Argentina.
Facultad de Ciencias Económicas
Materia
Ciencias Económicas
Money growth
Inflation
Money velocity
Regime dependence
Cointegration
VAR models
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by-nc-sa/4.0/
Repositorio
SEDICI (UNLP)
Institución
Universidad Nacional de La Plata
OAI Identificador
oai:sedici.unlp.edu.ar:10915/129244
Acceder
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spelling Understanding the money–prices relationship under low and high inflation regimes: Argentina 1977–2006Basco, EmilianoD'Amato, LauraGaregnani, María LorenaCiencias EconómicasMoney growthInflationMoney velocityRegime dependenceCointegrationVAR modelsWe study the regime dependence of the money–prices relationship, focusing on Argentina's experience over the last 30 years. Using descriptive and cointegration analysis we find that proportionality holds for the high inflation period but weakens once inflation lowers. Money velocity correlates positively with money growth under high inflation, while this relation reverts under low inflation. VAR analysis allows to identify the key role of inflation expectations in driving the short-run dynamics of the money growth–inflation relationship under high inflation. Although this relationship weakens under low inflation, money continues to play a role in explaining inflation dynamics in Argentina.Facultad de Ciencias Económicas2009info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticulohttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdf1182-1203http://sedici.unlp.edu.ar/handle/10915/129244enginfo:eu-repo/semantics/altIdentifier/issn/0261-5606info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jimonfin.2009.06.008info:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-sa/4.0/Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-09-29T11:31:03Zoai:sedici.unlp.edu.ar:10915/129244Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-09-29 11:31:03.831SEDICI (UNLP) - Universidad Nacional de La Platafalse
dc.title.none.fl_str_mv Understanding the money–prices relationship under low and high inflation regimes: Argentina 1977–2006
title Understanding the money–prices relationship under low and high inflation regimes: Argentina 1977–2006
spellingShingle Understanding the money–prices relationship under low and high inflation regimes: Argentina 1977–2006
Basco, Emiliano
Ciencias Económicas
Money growth
Inflation
Money velocity
Regime dependence
Cointegration
VAR models
title_short Understanding the money–prices relationship under low and high inflation regimes: Argentina 1977–2006
title_full Understanding the money–prices relationship under low and high inflation regimes: Argentina 1977–2006
title_fullStr Understanding the money–prices relationship under low and high inflation regimes: Argentina 1977–2006
title_full_unstemmed Understanding the money–prices relationship under low and high inflation regimes: Argentina 1977–2006
title_sort Understanding the money–prices relationship under low and high inflation regimes: Argentina 1977–2006
dc.creator.none.fl_str_mv Basco, Emiliano
D'Amato, Laura
Garegnani, María Lorena
author Basco, Emiliano
author_facet Basco, Emiliano
D'Amato, Laura
Garegnani, María Lorena
author_role author
author2 D'Amato, Laura
Garegnani, María Lorena
author2_role author
author
dc.subject.none.fl_str_mv Ciencias Económicas
Money growth
Inflation
Money velocity
Regime dependence
Cointegration
VAR models
topic Ciencias Económicas
Money growth
Inflation
Money velocity
Regime dependence
Cointegration
VAR models
dc.description.none.fl_txt_mv We study the regime dependence of the money–prices relationship, focusing on Argentina's experience over the last 30 years. Using descriptive and cointegration analysis we find that proportionality holds for the high inflation period but weakens once inflation lowers. Money velocity correlates positively with money growth under high inflation, while this relation reverts under low inflation. VAR analysis allows to identify the key role of inflation expectations in driving the short-run dynamics of the money growth–inflation relationship under high inflation. Although this relationship weakens under low inflation, money continues to play a role in explaining inflation dynamics in Argentina.
Facultad de Ciencias Económicas
description We study the regime dependence of the money–prices relationship, focusing on Argentina's experience over the last 30 years. Using descriptive and cointegration analysis we find that proportionality holds for the high inflation period but weakens once inflation lowers. Money velocity correlates positively with money growth under high inflation, while this relation reverts under low inflation. VAR analysis allows to identify the key role of inflation expectations in driving the short-run dynamics of the money growth–inflation relationship under high inflation. Although this relationship weakens under low inflation, money continues to play a role in explaining inflation dynamics in Argentina.
publishDate 2009
dc.date.none.fl_str_mv 2009
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Articulo
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://sedici.unlp.edu.ar/handle/10915/129244
url http://sedici.unlp.edu.ar/handle/10915/129244
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/issn/0261-5606
info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jimonfin.2009.06.008
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by-nc-sa/4.0/
Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-sa/4.0/
Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)
dc.format.none.fl_str_mv application/pdf
1182-1203
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instname:Universidad Nacional de La Plata
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reponame_str SEDICI (UNLP)
collection SEDICI (UNLP)
instname_str Universidad Nacional de La Plata
instacron_str UNLP
institution UNLP
repository.name.fl_str_mv SEDICI (UNLP) - Universidad Nacional de La Plata
repository.mail.fl_str_mv alira@sedici.unlp.edu.ar
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