Financial Deregulation and the Dynamics of Money, Prices, and Output in New Zealand and Australia
评估了1980年代金融放松管制对新西兰和澳大利亚货币、价格和产出之间动态互动的影响，发现放松管制前货币与价格长期成比例，但与产出不成比例。
Effects of financial deregulation in the 1980s on the dynamic interactions among money, prices and output in New Zealand and Australia are evaluated. Prior to deregulation, the series appear to be nonstationary and cointegrated based on Johansen's maximum-likelihood tests, with money proportional to prices but less than proportional to output in the long run. The series also appear cointegrated in New Zealand through the 1980s when the effects of deregulation are accounted for with a deterministic shift parameter. The cointegrating coefficients are similar for the pre-liberalization and full-sample periods, and dynamic responses are evaluated for error-correction models incorporating the estimated long-run relationships. Copyright 1993 by Ohio State University Press.