Time Aggregation and the Relationship between Inflation and Money Growth
利用99国面板数据，发现货币增长越高、数据时间跨度越长，价格对货币的弹性越接近1，并提出两种解释：滞后响应或冲击负相关。
Abstract Using panel data for 99 countries, we confirm that the measured elasticity of prices with respect to money is higher, and closer to unity, the higher is money growth and the longer the time horizon over which the data are averaged. We propose two explanations. In one, the true model of inflation involves a lagged response to money growth. In the other, there is negative correlation between shocks to inflation and money growth. Our empirical results can be explained if high–money‐growth countries have (i) shorter lags or (ii) less negative correlation, when compared to countries with low money growth.