000			02640cam a22003377 4500
001			w0549
003			NBER
005			20211020115441.0
006			m o d
007			cr cnu||||||||
008			210910s1980 mau fo 000 0 eng d
100	1		_aCassese, Anthony.
245	1	4	_aThe Timing of Monetary and Price Changes and the International Transmission of Inflation / _cAnthony Cassese, James R. Lothian.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1980.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w0549
500			_aSeptember 1980.
520	3		_aThis paper presents a theoretical and empirical investigation into timing relationships between variables within and across industrialized countries. In the analysis we highlight the two polar cases of completely closed and open economies and draw some implications for timing between monetary expansion and inflation, inter-country comparisons of inflation rates and interest rates, and comparisons of central bank behavior. The Granger-causality test is applied in a bivariate fashion to these groups of variables. The main empirical results of our analysis are: (1) Domestic monetary expansion appears to lead inflation in the sense that money Granger-causes prices without feedback, contradicting an implication of the monetary approach to the balance of payments. (2) Hardly any significant timing relationship exists between domestic and foreign rates of inflation during the fixed exchange rate period, providing no evidence for a generalized "law of one price." (3) Some sterilization of official reserve inflows was successfully performed by the non-reserve central banks, except for Canada. (4) U.S. interest rates Granger-cause foreign rates, providing evidence of some international transmission via asset markets.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE - Macroeconomics and Monetary Economics _2Journal of Economic Literature class.
690		7	_aF - International Economics _2Journal of Economic Literature class.
700	1		_aLothian, James R. _915598
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w0549.
856	4	0	_uhttps://www.nber.org/papers/w0549
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w0549
942			_2ddc _cW-PAPER
999			_c348063 _d306625