000113615 001__ 113615 000113615 005__ 20210803102309.0 000113615 0247_ $$2doi$$a10.22004/ag.econ.113615 000113615 037__ $$a677-2016-46646 000113615 041__ $$aeng 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__ $$aThe relationship between growth in monetary aggregates and price changes continues to be a subject of considerable debate both in the academic and policy circles. Whereas the more ‘conservative’ policy makers hold that growth in monetary aggregates bear proportionately on prices, ‘liberals’ on the other hand suggest a fairly weak relationship and instead mainly attribute sustained price changes to other innovations (including structural weaknesses and poor productive capacity). This study employed vector autoregression techniques (and its variants) to examine both short term as well as long term interactions between selected macroeconomic aggregates with particular focus on the relationship between money growth and price changes. Results from both the reduced form vector autoregression specification and the contemporaneous structural vector autoregression show a weak causation from growth in monetary aggregates to price changes, but the link between changes in monetary aggregates and prices becomes stronger in the long run. The results also point to a strong relationship between price changes on the one hand and exchange rate depreciation, and past inflation outcomes on the other. The results imply a potential for increased revenue from monetisation, at least up to some feasible as well as the need to focus on other possible sources of price variations. In general, whereas it is possible for the relationship between prices and money to weaken, budget deficits beyond ‘certain financeable limits’ will clearly negate the possibility of attaining other objectives of macroeconomic policy... 000113615 650__ $$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__ $$aHisali, Eria 000113615 8564_ $$92dc35c29-e233-464d-84bc-32f853bc81de$$s698643$$uhttps://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 No. of bitstreams: 1 series71.pdf: 698643 bytes, checksum: bcc8db81b3cf8a250f97ab518fae616b (MD5) 000113615 912__ $$nMade available in DSpace on 2011-08-23T09:13:41Z (GMT). No. of bitstreams: 1 series71.pdf: 698643 bytes, checksum: bcc8db81b3cf8a250f97ab518fae616b (MD5) Previous issue date: 2010-06 000113615 913__ $$aLicense granted by Peace Nagawa (nagawa@eprc.or.ug) on 2011-08-23T09:06:07Z (GMT): <center> <h2> Deposit Agreement </h2> </center> I represent that I am the creator of the digital material identified herein (&ldquo;Work&rdquo;). I represent that the work is original and that I either own all rights of copyright or have the right to deposit the copy in a digital archive such as AgEcon Search. I represent that in regard to any non-original material included in the Work I have secured written permission of the copyright owner (s) for this use or believe this use is allowed by law. I further represent that I have included all appropriate credits and attributions. I hereby grant the Regents of the University of Minnesota (&ldquo;University&rdquo;), through AgEcon Search, a non-exclusive right to access, reproduce, and distribute the Work, in whole or in part, for the purposes of security, preservation, and perpetual access. I grant the University a limited, non-exclusive right to make derivative works for the purpose of migrating the Work to other media or formats in order to preserve access to the Work. I do not transfer or intend to transfer any right of copyright or other intellectual property to the University. If the Deposit Agreement is executed by the Author�s Representative, the Representative shall separately execute the following representation: I represent that I am authorized by the Author to execute this Deposit Agreement on behalf of the Author. 000113615 980__ $$a677 000113615 982__ $$gEconomic Policy Research Centre (EPRC)>Research Series