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U.S. Influences on Foreign Monetary Policy

Richard Sheehan

Journal of Money, Credit and Banking, 1992, vol. 24, issue 4, 447-64

Abstract: While the determinants of U.S. money growth have been intensively examined, the determinants of foreign money growth have been relatively overlooked. This study employs an IS/LM/aggregate supply model to examine what variables influence money growth in seven countries. Particular attention is devoted to the impact of U.S. variables on these countries' money growth rates. The results suggest that the determinants of money growth rates vary substantially across countries and over time. The estimation results also suggest differences between short-run and long-run responses. In addition, all countries' money growth rates are significantly influenced by U.S. variables. Copyright 1992 by Ohio State University Press.

Date: 1992
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