000113615 001__ 113615
000113615 005__ 20180122215620.0
000113615 037__ $$a677-2016-46646
000113615 041__ $$aen
000113615 084__ $$aH62
000113615 084__ $$aH63
000113615 084__ $$aH69
000113615 245__ $$aFiscal policy consistency and its implications for macroeconomic aggregates: The case of Uganda
000113615 260__ $$c2010-06
000113615 269__ $$a2010-06
000113615 270__ $$mehisali@fema.mak.ac.ug$$pHisali,   Eria
000113615 300__ $$a38
000113615 336__ $$aReport
000113615 490__ $$aResearch Series
000113615 490__ $$a71
000113615 520__ $$aThe relationship between growth in monetary aggregates and price changes
continues to be a subject of considerable debate both in the academic and policy
circles. Whereas the more ‘conservative’ policy makers hold that growth in monetary
aggregates bear proportionately on prices, ‘liberals’ on the other hand suggest a
fairly weak relationship and instead mainly attribute sustained price changes to
other innovations (including structural weaknesses and poor productive capacity).
This study employed vector autoregression techniques (and its variants) to examine
both short term as well as long term interactions between selected macroeconomic
aggregates with particular focus on the relationship between money growth and
price changes. Results from both the reduced form vector autoregression
specification and the contemporaneous structural vector autoregression show a
weak causation from growth in monetary aggregates to price changes, but the link
between changes in monetary aggregates and prices becomes stronger in the long
run. The results also point to a strong relationship between price changes on the one
hand and exchange rate depreciation, and past inflation outcomes on the other. The
results imply a potential for increased revenue from monetisation, at least up to
some feasible as well as the need to focus on other possible sources of price
variations.
In general, whereas it is possible for the relationship between prices and money to
weaken, budget deficits beyond ‘certain financeable limits’ will clearly negate the
possibility of attaining other objectives of macroeconomic policy...
000113615 542__ $$fLicense granted by Peace Nagawa (nagawa@eprc.or.ug) on 2011-08-23T09:06:07Z (GMT):

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000113615 650__ $$aAgribusiness
000113615 650__ $$aAgricultural Finance
000113615 650__ $$aFinancial Economics
000113615 650__ $$aInstitutional and Behavioral Economics
000113615 650__ $$aPublic Economics
000113615 6531_ $$afiscal stance
000113615 6531_ $$amacroeconomic aggregates
000113615 6531_ $$astructural vector autogression
000113615 6531_ $$abudget
accounting approach
000113615 700__ $$aHisali, Eria
000113615 8564_ $$s698643$$uhttp://ageconsearch.umn.edu/record/113615/files/series71.pdf
000113615 887__ $$ahttp://purl.umn.edu/113615
000113615 909CO $$ooai:ageconsearch.umn.edu:113615$$pGLOBAL_SET
000113615 912__ $$nSubmitted by Peace Nagawa (nagawa@eprc.or.ug) on 2011-08-23T09:13:39Z
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  Previous issue date: 2010-06
000113615 982__ $$gEconomic Policy Research Centre (EPRC)>Research Series
000113615 980__ $$a677