SBP Working Paper Series STATE BANK OF PAKISTAN

More documents

Recommendations

Info

2000-2012 1990-2012 Figure 7B: Dynamic Correlations of LSM and Nominal Variables LSM & Monetary Aggregates LSM & Interest Rates LSM & Money Growth 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 HPLM2 HPLM1 HPLM0 0.4 0.3 0.2 0.1 0.0 -0.1 -0.2 -0.3 TBR6 POLR MMR 0.3 0.2 0.2 0.1 0.1 0.0 -0.1 -0.1 -0.2 -0.2 HPGM1 HPGM0 HPGM2 -0.6 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 -0.4 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 -0.3 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 HPLM2 HPLM1 HPLM0 -0.6 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 0.4 0.3 0.2 0.1 0.0 -0.1 -0.2 -0.3 TBR6 POLR MMR -0.4 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 0.4 0.3 0.2 0.1 0.0 -0.1 -0.2 -0.3 HPGM2 HPGM1 HPGM0 -0.4 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 Lags and Leads Lags and Leads Lags and Leads 42
2000-2012 1990-2012 Figure 7C: Dynamic Correlations of Inflation and Nominal Variables Inflation & Monetary Aggregates Inflation & Interest Rates Inflation & Money Growth 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 HPLM2 HPLM1 HPLM0 0.5 0.4 0.3 0.2 0.1 0.0 -0.1 -0.2 TBR6 POLR MMR 0.6 0.4 0.2 0.0 -0.2 -0.4 HPGM2 HPGM1 HPGM0 -0.6 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 -0.3 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 -0.6 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 HPLM2 HPLM1 HPLM0 0.5 0.4 0.3 0.2 0.1 0.0 -0.1 -0.2 TBR6 POLR MMR 0.6 0.4 0.2 0.0 -0.2 -0.4 HPGM2 HPGM1 HPGM0 -0.6 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 -0.3 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 -0.6 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 Lags and Leads Lags and Leads Lags and Leads 43
Page 1 and 2: SBP Working Paper Series No. 74 Apr
Page 3 and 4: The Role of Money in Explaining Bus
Page 5 and 6: The results from our theoretical mo
Page 7 and 8: In case, quantity of money matters
Page 9 and 10: 2.1 Monetary Aggregates and Economi
Page 11 and 12: frequency (Figure 4, row 4). Howeve
Page 13 and 14: differencing might result in loss o
Page 15 and 16: 3.1 Firms 3.1.1 Final Good Producin
Page 17 and 18: t 1 1 p *1 p 1 p pPt (1 p) Pt P
Page 19 and 20: M 1 t current period, t 1 . Pt Af
Page 21 and 22: In this model, the central bank dir
Page 23 and 24: The capital series is constructed b
Page 25 and 26: 4.3.2 Interest Rate Rule In this se
Page 27 and 28: simulated moments of models by dyna
Page 29 and 30: their empirical counterparts. All i
Page 31 and 32: calibrated value of Calvo price rig
Page 33 and 34: —. (1997), “Unanticipated Money
Page 35 and 36: Appendix 1: Quarterly Data Sources
Page 37 and 38: RPOLR RTBR6 RMMR POLR TBR6 MMR HPGM
Page 43: 2000-2012 1990-2012 Figure 7A: Dyna
Page 47 and 48: Response of Inflation Response of O
Page 49 and 50: Figure 11: Impulse Response Functio
Page 51 and 52: Figure 13: Variance Decompositions
Page 53 and 54: Table A2: Granger Causality Results
Page 55 and 56: Table A4: Variance Decomposition of
Page 57 and 58: 1 h = inv A1 y (A.07) Usin
Page 59 and 60: Appendix B Log-Linearization of Cal
Page 61 and 62: Table C3: Size of the Informal Sect
Page 63 and 64: Appendix E Table E1: Common Equatio

SBP Working Paper Series STATE BANK OF PAKISTAN

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?