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dc.contributor.authorMakin, Anthony J
dc.contributor.authorRobson, Alex
dc.contributor.authorRatnasiri, Shyama
dc.date.accessioned2018-01-23T01:00:54Z
dc.date.available2018-01-23T01:00:54Z
dc.date.issued2017
dc.identifier.issn0264-9993
dc.identifier.doi10.1016/j.econmod.2017.06.009
dc.identifier.urihttp://hdl.handle.net/10072/352767
dc.description.abstractThis paper examines the nexus between excess currency growth and inflation in Australia. It first canvasses the operation of monetary policy. Using different econometric techniques, it next examines how well excess money supply growth, measured in terms of currency and M3, explains Australia's inflation over the long term from 1970–2015, and then more specifically before and after the adoption of inflation targeting. Its key result is that excess money growth has been the main determinant of Australia's inflation, although became less important during the inflation targeting era. This implies the velocity of currency, the sine qua non of the Quantity Theory of Money, has been remarkably stable. Given the role excess currency plays in generating Australian inflation, it should be afforded greater prominence in monetary policy deliberations.
dc.description.peerreviewedYes
dc.languageEnglish
dc.language.isoeng
dc.publisherElsevier
dc.relation.ispartofpagefrom156
dc.relation.ispartofpageto162
dc.relation.ispartofjournalEconomic Modelling
dc.relation.ispartofvolume66
dc.subject.fieldofresearchApplied economics
dc.subject.fieldofresearchEconometrics
dc.subject.fieldofresearchEconometrics not elsewhere classified
dc.subject.fieldofresearchBanking, finance and investment
dc.subject.fieldofresearchcode3801
dc.subject.fieldofresearchcode3802
dc.subject.fieldofresearchcode380299
dc.subject.fieldofresearchcode3502
dc.titleMissing money found causing Australia's inflation
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.facultyGriffith Business School, Department of Accounting, Finance and Economics
gro.hasfulltextNo Full Text
gro.griffith.authorMakin, Tony J.
gro.griffith.authorRobson, Alex
gro.griffith.authorRatnasiri, Shyama G.


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