Cointegration analysis shows non-causality between money and price levels in the Philippines, indicating political and economic instability influences outcomes.
Based largely on the work of Funke and Hall, estimation results indicate non-causality between money and price level attributed to the interplay of factors such as unstable political and economic environment. P* vector has no significance on potential output since Q instead of Q* has been used.
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Strassmann et al. (1993) studied this question.
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