Peiris, Shanaka J.; Barnichon, Régis - International Monetary Fund (IMF) - 2007
output gap, and the real money gap. Using heterogeneous panel cointegration estimation techniques, we estimate cointegrating … vectors for the production function and the real money demand function to recover the structural output and money gaps for … inflation, albeit with a larger role played by the money gap. There is no significant evidence of asymmetry in the relationship. …