Marcet, AlbertNicolini, Juan PabloUniversitat Pompeu Fabra. Departament d'Economia i Empresa2017-07-262017-07-262005-01-01Review of Economic Dynamics 8 (2005) 452 - 479http://hdl.handle.net/10230/859This paper studies the short run correlation of inflation and money growth. We study whether a model of learning can do better than a model of rational expectations, we focus our study on countries of high inflation. We take the money process as an exogenous variable, estimated from the data through a switching regime process. We find that the rational expectations model and the model of learning both offer very good explanations for the joint behavior of money and prices.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commonsinfo:eu-repo/semantics/workingPaperinflation and money growthswitching regimesquasi-rationalityMacroeconomics and International Economicsinfo:eu-repo/semantics/openAccess