01836cas a2200253 a 4500 AALejournalIMF002482 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451978353 1018-5941 BD-DhAAL BD-DhAAL Reinhart, Vincent. Output Fluctuations and Monetary Shocks : Evidence From Colombia / Vincent Reinhart, Carmen Reinhart. Washington, D.C. : International Monetary Fund, 1991. 1 online resource (34 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Using annual data for Colombia over the last thirty years and a new battery of econometric techniques, we test opposing theories that explain macroeconomic fluctuations: The neoclassical synthesis, which posits that, in the presence of temporary price rigidity, an unanticipated monetary expansion produces output gains that erode over time with increases in the price level; and an alternative explanation, which focuses on 'real' technological or preference shocks as the sources of output changes. The coefficients from these systems are used to examine two basic propositions: the long-run neutrality of nominal quantities with respect to permanent movements in the money stock; and the short-run sensitivity of output to inflation. Mode of access: Internet Reinhart, Carmen. IMF Working Papers; Working Paper ; No. 1991/035 Full text available on IMF http://elibrary.imf.org/view/journals/001/1991/035/001.1991.issue-035-en.xml IMF e-Library