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- W2267399048 abstract "Following Friedman we can say that from the macro-economic point of view we need a theory to explain a) the short-run division of a change in nominal income between prices and output; b) the short-run adjustment of nominal income to a change in money supply; and finally c) the correction mechanism that brings together that adjustment and the long-run equilibrium. Our objective is to study the last two points in the context of the Portuguese economy in the period 1859-1998. We have studied several models involving money to explain the behaviour of nominal income and we conclude that we cannot exclude a money supply (M1) elasticity of one. This result is obtained for the long as well as for the short-run. We can take the quantity theory as a money income theory for our data. Robustness of the results and good forecasting ability are the main characteristics of our models. We have applied several econometric models. Our first model is a single ecm equation with unrestricted and restricted coefficients. We also have found a cointegration vector by applying the Johansen method. With that vector we have constructed a VECM and obtained forecasts and impulse responses to shocks. We have done the same with a parsimonious model derived from the last one and estimated by FIML." @default.
- W2267399048 created "2016-06-24" @default.
- W2267399048 creator A5054885552 @default.
- W2267399048 date "2000-01-01" @default.
- W2267399048 modified "2023-09-26" @default.
- W2267399048 title "Un Essaie d'Application de la Théorie Quantitative de la Monnaie à l'Economie Portugaise, 1854-1998" @default.
- W2267399048 hasPublicationYear "2000" @default.
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