Inflation Determinants - Milton Friedman’s Theory and the Evidence from Ghana, 1965-2012 (Using ARDL Framework)

Adjei, Samuel Kwaku

doi:10.33094/8.2017.2018.31.21.36

Cited by 7 publications

(5 citation statements)

References 15 publications

(31 reference statements)

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“…In recent investigations, researchers have come up with better ways of dealing with these three puzzles and most of which is fashioned after the framework set by Lucas (1972) where rational expectation approach to the monetary policy study was recommended. Recent studies that have adopted the same approach include (Cochrane, 1998;Kahn et al, 2002;Zhang, 2009;Hsing, 2014;Aguir et al, 2015;Edeme and Obiayo, 2017;Adjei, 2018;Taguchi and Wanasilp, 2018) to mention but a few.…”

Section: Literature Reviewmentioning

confidence: 99%

Efficacy of Monetary Policy Instruments on Economic Growth: Evidence from Nigeria

Tule¹,

Ogundele²,

Apinran³

2018

Asian Economic and Financial Review

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The inability of monetary policies to efficiently and effectively exploit its policy objective could be a function of the pitfall of policy instruments adopted which seems to restrict its contributions to economic advancement in Nigeria. It is on this premise that this study investigated the efficacy of monetary policy instruments in Nigeria using monthly data from year 2000 to 2016. The study adopted the Johansen Multivariate Cointegration approach and Vector Error Correction (VECM). The Cointegration test established existence of long-term relationship between monetary policy instruments and economic growth. The study also revealed that there was monthly speed of adjustment of the variables towards their long-run equilibrium path to about 27 percent. The key discovery emanated from this study indicated that Consumer Price Index (CPI), Real Exchange Rate (RER), Money Supply (M2) and Interest Rate (INT) were significant monetary policy instruments that propelled economic growth in Nigeria during the period under review. Consequently, the study concluded by recommending Nominal GDP targeting as the framework to be adopted by the monetary authority in Nigeria in their monetary policy making process especially in the face of the new economic paradigm which is expected to be more plausible in improving and sustaining the stated Nigerian macroeconomic objectives. Contribution/ Originality: This study differs from others in examining the subject matter with high frequency data as against traditional annual data which has proved to be more efficient and captures more the effect of time, and the very first with such logical conclusion and recommendation for policy makers.

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Section: Literature Reviewmentioning

confidence: 99%

Efficacy of Monetary Policy Instruments on Economic Growth: Evidence from Nigeria

Tule¹,

Ogundele²,

Apinran³

2018

Asian Economic and Financial Review

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“…The Granger non-causality tests supported a bi-directional causality between the money supply and inflation, while a unidirectional causality was observed from domestic demand and oil prices to price level. Using ARDL procedure, Adjei (2018) found a strong positive relationship between Ghana's inflation and money growth, both in the long run and short run. The results were based on the annual observations between 1965 and 2012.…”

Section: Literature Reviewmentioning

confidence: 98%

Credit Card Usage and Inflation: A Case Study of a Small Open Economy

2020

JEM

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This study examined the influence of credit card usage on inflation in a small open economy, Malaysia. The existing studies used money supply, and bank lending as the key monetary determinants of inflation in Malaysia. These two variables had also been re-examined separately for comparison purpose. Other macroeconomic variables were economic activity and imports. The paper employs The Autoregressive Distributed Lag (ARDL) approach using time series data with monthly observations over 1997-2017. The results of this study showed that the price level, the imports and economic activity were cointegrated. In the long-run, credit card usage was more elastic than bank lending. The economic activity remained the most elastic determinant of price level. In the short-run, bank credit growth, and money supply growth determine the inflation. Meanwhile, imports growth and economic growth did not influence the inflation. The past inflation rates were found to be informative to the current inflation. Hence, this study suggested that inflation in Malaysia was due to 'too much financing'. This study also provided policy implications.

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“…AI has employed techniques like statistical learning, machine learning, object detection, natural language processing (NLP), computer vision, speech recognition, and pattern recognition [7]. These techniques are utilized in various tasks including sensing distances of vehicles, recognizing speech in audio clips, recognizing faces in photographs, and translating languages [9,[29][30][31][32][33][34][35]. AI applications aid in the induction of some degree of "intelligence" to provide room for computers to make sense of the data with which they are presented [8].…”

Section: Literature Reviewmentioning

confidence: 99%

Economic Impact of Artificial Intelligence: New Look for the Macroeconomic Assessment in Asia-Pacific Region

Haseeb¹,

Sasmoko²,

Mihardjo³

et al. 2019

IJCIS

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To determine the impact of artificial intelligence (AI) on the selected economies in the Asia-Pacific region. Methods: This secondary research collected data from macroeconomic and AI-specific data sets. The sources of data from which insights were gained included digital technology sectors and corporations and their functions. The focus was on the need to assess the capability of AI on business operations The macroeconomic data was collected from data resources of international organizations' including the World Economic Forum, the Organization for Economic Cooperation and Development (OECD), the World Intellectual Property Organization (WIPO), and the International Telecommunication Union (ITU). In addition, this study has considered 19 economic indicators to analyze the economic outcome of AI in selected economies of Asia-Pacific. Results: From the results, the period between 2014 and 2016 witnessed China leading with over 25,000 citable documents on the AI topic. Regarding institutions that were observed to publish over 500 times on the AI topic, the countries in the ascending order include China (600), Hong Kong (1,100), and Singapore (2,000). As such, this study established that Asia-Pacific economies such as Hong Kong and Singapore though have smaller populations, but the majority of their higher education institutions have made a significant contribution to AI research; with the small economies also having a relatively higher number of computer scientists among the top 1,000 individuals. Additionally, through empirically analyses, during 1998-2016 with annual observations, it is found that various economic outcomes of AI were presented in 8 economies of targeted region. Limitations: At first, the future outlook of AI is just discussed in conceptual meaning while empirical context still needs to be examined in upcoming studies. At second, covering the overall South Asian region provides better findings with more generalization which is missing in current research. At third, other dimensions of AI and economy like implication of AI impact index and its relationship with macroeconomic variables is also missing in current research which could be reconsidered in coming studies. Conclusion: It is evident that AI exhibits the potential to be the main driver of Asia-Pacific's economic growth. Relative to the net and gross effect of AI on labor markets and the gross domestic product (GDP) of the top Asia-Pacific economies demonstrate that by 2030, AI might yield a 16-percent increase in output, translating into an estimated amount of $13 trillion. Overall, it is concluded that Asia-Pacific, when compared to developed regions such as North America, is lagging but the availability of a large pool of user data implies that the region can move ahead-given better resource and talent allocation.

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Inflation Determinants - Milton Friedman’s Theory and the Evidence from Ghana, 1965-2012 (Using ARDL Framework)

Cited by 7 publications

References 15 publications

Efficacy of Monetary Policy Instruments on Economic Growth: Evidence from Nigeria

Efficacy of Monetary Policy Instruments on Economic Growth: Evidence from Nigeria

Credit Card Usage and Inflation: A Case Study of a Small Open Economy

Economic Impact of Artificial Intelligence: New Look for the Macroeconomic Assessment in Asia-Pacific Region

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