What is it about?
The study examined the dynamic interaction between money supply, price level, and Pakistan's economic growth and evaluated Keynesian versus Monetarist approach and found some policy inferences in a given context. This study emphasized the need of adoption Government policy in order to stabilize high price level in a country, thus for this purpose, the study focused on monetary policy and its effectiveness to manage prices in a country.
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Why is it important?
The study is distinct with the previous studies on number of aspects, i.e., i) By applying ARDL-Bounds testing approach in simultaneous equations modeling. ii) Three different models were proposed with different regressands. iii) Granger causality test is employed to check cause-effect relationship between the stated variables. iv) Policy implications were proposed in the Pakistan's context.
Perspectives
Well, for my perspective, this study filled the gap of existing literature by analyzing monetarist approach in different perspectives and considered as a eye-opening study for the policy makers to device policies for country's stability.
Khalid Zaman
University of Wah
Read the Original
This page is a summary of: The Relationship between Money Supply, Price Level and Economic Growth In Pakistan: Keynesian versus Monetarist View, Review of Economic and Business Studies, December 2018, De Gruyter,
DOI: 10.1515/rebs-2018-0073.
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