THE CAUSAL DIRECTION BETWEEN MONEY AND PRICES - AN ALTERNATIVE APPROACH

被引:23
作者
HOOVER, KD
机构
[1] University of California, Davis, Davis
关键词
D O I
10.1016/0304-3932(91)90015-G
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Causality is viewed as a matter of control. Controllability is captured in Simon's analysis of causality as an asymmetrical relation of recursion between variables in the unobservable data-generating process. Tests of the stability of marginal and conditional distributions for these variables can provide evidence of causal ordering. The causal direction between prices and money in the United States 1950-1985 is assessed. The balance of evidence supports the view that money does not cause prices, and that prices do cause money. © 1991.
引用
收藏
页码:381 / 423
页数:43
相关论文
共 80 条
[1]  
Akaike H, 1973, 2 INT S INF THEOR
[2]  
ANDREWS DWK, 1989, UNPUB TESTS PARAMETE
[3]  
BABA Y, 1987, 27 NUFF COLL DISC PA
[4]  
BANERJEE A, 1990, NBER3510 WORK PAP
[6]   CAUSALITY TESTS AND OBSERVATIONALLY EQUIVALENT REPRESENTATIONS OF ECONOMETRIC-MODELS [J].
BASMANN, RL .
JOURNAL OF ECONOMETRICS, 1988, 39 (1-2) :69-104
[7]  
BLACK F, 1970, BUSINESS CYCLES EQUI
[8]  
BLANCHARD OJ, 1984, AM ECON REV, V74, P211
[9]  
*BOARD GOV FED RES, 1967 1968 ANN REP
[10]  
Box G.E.P., 1970, TIME SERIES ANAL FOR, V65, P1509