SBP Working Paper Series STATE BANK OF PAKISTAN
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2000-2012<br />
1990-2012<br />
Figure 7C: Dynamic Correlations of Inflation and Nominal Variables<br />
Inflation & Monetary Aggregates Inflation & Interest Rates Inflation & Money Growth<br />
0.8<br />
0.6<br />
0.4<br />
0.2<br />
0.0<br />
-0.2<br />
-0.4<br />
HPLM2<br />
HPLM1<br />
HPLM0<br />
0.5<br />
0.4<br />
0.3<br />
0.2<br />
0.1<br />
0.0<br />
-0.1<br />
-0.2<br />
TBR6<br />
POLR<br />
MMR<br />
0.6<br />
0.4<br />
0.2<br />
0.0<br />
-0.2<br />
-0.4<br />
HPGM2<br />
HPGM1<br />
HPGM0<br />
-0.6<br />
-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8<br />
-0.3<br />
-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8<br />
-0.6<br />
-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8<br />
0.8<br />
0.6<br />
0.4<br />
0.2<br />
0.0<br />
-0.2<br />
-0.4<br />
HPLM2<br />
HPLM1<br />
HPLM0<br />
0.5<br />
0.4<br />
0.3<br />
0.2<br />
0.1<br />
0.0<br />
-0.1<br />
-0.2<br />
TBR6<br />
POLR<br />
MMR<br />
0.6<br />
0.4<br />
0.2<br />
0.0<br />
-0.2<br />
-0.4<br />
HPGM2<br />
HPGM1<br />
HPGM0<br />
-0.6<br />
-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8<br />
-0.3<br />
-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8<br />
-0.6<br />
-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8<br />
Lags and Leads Lags and Leads Lags and Leads<br />
43