Inflation in a Low-Income Country: Tests Based on the Quantity Theory of Money

Dante Canlas
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Dante Canlas: School of Economics, University of the Philippines Diliman

No 199209, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: An infation-rate equation derived from a money-demand model is tested using annual time-series data for the Philippines. A conventional econometric approach shows that money has a positive and significant effect. The result seems confirmed by some time-series techniques, which indicate that money growth Granger-causes inflation.

Date: 1992-10
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Published as UPSE Discussion Paper No. 1992-09, October 1992

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