Relative Prices and Money: A Vector Autoregression on Brazilian Data
用向量自回归分析巴西农业价格、工业价格与货币供给的关系，发现货币供给单向格兰杰引起农业价格变化，而工业价格与货币供给存在反馈。
Abstract Recent data on Brazilian agricultural prices, industrial prices, and money supply are analyzed in a vector autoregression. The empirical findings show strong, one‐way, Granger‐type causality from money supply to agricultural prices; while feedback is observed between industrial prices and money supply. Under the usual monetarist ordering of contemporaneous innovation covariance, agricultural prices do not adjust faster than industrial prices to a shock in the money supply.