Asymptotic theory for the estimation of nonlinear vector error correction models that exhibit regime-specific short-run dynamics is developed. In particular, regimes ...

This paper tests the Keynesian, monetary and real business cycle theories using annual data from Pakistan covering period 1953-2004. An error-correction equation to explain inflation is presented that ...

Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation This paper provides new evidence on the credit channel of monetary policy transmission in ...