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Volume :14 Issue : 3 2007      Add To Cart                                                                    Download

Price Level Movements in Kuwait: A Multivariate Cointegration Analysis

Auther : Naief H. AL-Mutairi

This paper uses a multivariate cointegration analysis and a vector error correction model to investigate the sources of Price level movements in Kuwait. The paper adopts the monetary model of price determination where the roles of both money supply and money demand are explicitly recognized. The model departs from previous studies in that it allows for possible effects of external forces such as foreign prices. The empirical results reveal that domestic Price level is cointegrated with real income, money supply, and import prices by providing a direct long run equilibrium relationship.

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