Berger, Helge; Österholm, Pär - In: CESifo economic studies : CESifo, a joint initiative of … 57 (2011) 3, pp. 531-550
We use Bayesian estimation techniques to assess whether money growth Granger-causes inflation in the USA. We … investigate the issue of Granger-causality out-of-sample and find that including money growth in simple VAR models of inflation … for more recent subperiods, including the Volcker and Greenspan eras. However, the contribution of money to inflation …