خلاصه ماشینی:
"In order to solve the mentioned theoretical conflict, researchers have conducted numerous empirical studies in both developed & developing countries on the direction of causality between money supply and the general price level.
Aghevli and Khan (1978) in an article entitled "budget deficit and inflation process in developing countries" studied the causal relationship between money supply and prices for several countries.
Accordingly, monetary theory did not fully explain the behavior of prices in the country and the correlation statistics between money supply growth and inflation could not be interpreted as the reason of any causal relationship.
131160 Reference: Research findings Causality test: Following mentioned procedure, estimation results based on Hsiao Final prediction error criterion, F statistics, and sign of causality to investigate and determine the presence (or absence) of causality, are summarized in Tables 4 to 8.
Causality test results between the growth of the money supply (in terms of M1, M2, respectively,) and consumer price index (CPI) is presented in Table (4) and (5) respectively.
Research findings indicate that there is a bidirectional causal relationship between money supply growth (in terms of both M1 and M2) and the CPI price index.
Causality test results between the growth of the money supply in terms of M1 and M2 and the wholesale price index (WPI) are presented, in Table 6 and 7 respectively.
Summary and Conclusions: This paper aimed at investigating the growth of money supply (in terms of M1 and M2) and price nexus (CPI, and WPI) for Iran through the cointegration and causality techniques from 1988 to 2010."