SBP Working Paper Series STATE BANK OF PAKISTAN

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Figure 12: Impulse Response Functions to a Monetary Shock Money in Utility Cash in Advance Constraint Taylor Rule 6% 5% 4% Y CONS INV H REAL_M REAL_R 20% 15% 10% Y CONS INV H REAL_M REAL_R 10% 8% 6% Y CONS INV H REAL_R 3% 2% 5% 4% 1% 0% 2% 0% -5% 0% -1% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 -10% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 -2% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 14% 12% 14% 12% 5% 4% INFLATION NOMINAL_R 10% 8% 6% 4% P NOMINAL_M INFLATION M_GROWTH NOMINAL_R 10% 8% 6% 4% P NOMINAL_M INFLATION M_GROWTH NOMINAL_R 3% 2% 1% 2% 2% 0% 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 -1% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Quarters Quarters Quarters 48
Figure 13: Variance Decompositions from VAR Models Variance Decomposition of LGDP Variance Decomposition of INFQOQ 100% 80% 60% LGDP LGvtCons LPvtCons INFQOQ LPvtGFCF TBR6 GM2 100% 80% 60% LGDP LGvtCons LPvtCons INFQOQ LPvtGFCF TBR6 GM2 40% 40% 20% 20% 0% 1 2 3 4 5 6 7 8 9 10 Quarters 0% 1 2 3 4 5 6 7 8 9 10 Quarters 49
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 and 48: Response of Inflation Response of O
Page 49: Figure 11: Impulse Response Functio
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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