SBP Working Paper Series STATE BANK OF PAKISTAN

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1992Q1 1993Q1 1994Q1 1995Q1 1996Q1 1997Q1 1998Q1 1999Q1 2000Q1 2001Q1 2002Q1 2003Q1 2004Q1 2005Q1 2006Q1 1992Q1 1993Q1 1994Q1 1995Q1 1996Q1 1997Q1 1998Q1 1999Q1 2000Q1 2001Q1 2002Q1 2003Q1 2004Q1 2005Q1 2006Q1 Taylor Rule CIA MIU Figure 10: Simulated Output and Inflation Deviations of Actual and Simulated GDP from Trend Deviations of Actual and Simulated Inflation from Trend 5% GDP_Simulated 4% 10% Inflation_simulated hpinfqoq (RHS) 3% 0% 2% 5% 2% -5% -10% 0% 0% 1% 0% -15% -2% -5% -1% -20% -4% -10% -2% 5% 0% -5% -10% -15% -20% 4% 3% 2% 1% 0% -1% -2% -3% -4% 8% 6% 4% 2% 0% -2% -4% -6% -8% 3% 2% 2% 1% 1% 0% -1% -1% -2% -2% 10% 5% 0% -5% -10% -15% -20% 4% 3% 2% 1% 0% -1% -2% -3% -4% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% 3% 2% 2% 1% 1% 0% -1% -1% -2% -2% 46
Figure 11: Impulse Response Functions to a Technology Shock Money in Utility Cash in Advance Constraint Taylor Rule 14% 12% 10% Y CONS INV H REAL_M REAL_R 14% 12% 10% Y CONS INV H REAL_M REAL_R 12% 8% Y CONS INV H REAL_R 8% 8% 4% 6% 6% 0% 4% 4% 2% 2% -4% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 -8% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 0.4% 0.0% -0.4% -0.8% P NOMINAL_M INFLATION M_GROWTH NOMINAL_R 0.4% 0.0% -0.4% -0.8% P NOMINAL_M INFLATION M_GROWTH NOMINAL_R 0% -4% -8% INFLATION NOMINAL_R -1.2% -1.2% -12% -1.6% -1.6% -16% -2.0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 -2.0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 -20% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Quarters Quarters Quarters 47
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 and 44: 2000-2012 1990-2012 Figure 7A: Dyna
Page 45 and 46: 2000-2012 1990-2012 Figure 7C: Dyna
Page 47: Response of Inflation Response of O
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

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