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Abstract
COVID 19 pandemic will cause a global economic contraction. The magnitude of shocks will impact the fiscal deficit and the public debt in all Countries. This paper provides an insight into the dynamic relationship between money growth and inflation for several Countries. The Morlet wavelet coherence model is employed since it allows the simultaneous examination of lead-lag effects and co-movements between the couple of variables in the different Countries. The overall results do not evidence a clear impact of the money growth on inflation. This outcome has relevant economic policy consequences considering that the monetization of the public debt can sustain the economic recovery. Thus, the pure monetary nature of the inflationary phenomenon can hardly be considered as a constraint in designing the measures to counteract the issue.
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Antonio Focacci
Antonio Focacci joined the Faculty of Economics of University of Bologna since October 1996 and his main publications covered all the different kind of typical academic productions: international journals, books and proceedings of congresses both at national and international level. He is an invited member of the editorial board of two international journals. He is also serving as a referee for various international peerreviewed journals.