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- W3149688021 abstract "In this article, we test a classical model of inflation with rational expec- tations for the case of Spain during the period 18301998. The principal testable implication is that money growth and inflation are cointegrated ruling out speculative bubbles. First, to detect episodes of potential explosive behaviour in the Spanish ination rate, we use the recursive unit root tests for explosiveness recently proposed by Phillips, Wu, and Yu (2011), and Phillips, Shi, and Yu (2015a,b). Second, we consider the possibility that a linear cointegrated regression model with multiple structural changes would provide a good empirical description of the classical model of ination for Spain over this long period. Our methodology is based on the instability tests recently proposed in Kejriwal and Perron (2008, 2010) as well as the cointegration tests developed in Arai and Kurozumi (2007) and Kejriwal (2008)." @default.
- W3149688021 created "2021-04-13" @default.
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- W3149688021 date "2021-01-01" @default.
- W3149688021 modified "2023-09-27" @default.
- W3149688021 title "Long-run neutrality of money and inflation in Spanish economy, 1830-1998" @default.
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