@article{TANG_Ozturk_2017, title={Can Inflation be Claimed As A Monetary Phenomenon? The Malaysian Experience}, volume={7}, url={https://econjournals.com/index.php/ijefi/article/view/4655}, abstractNote={<p>The purpose of this study is to empirically re-investigate the money-prices nexus for Malaysia through the cointegration and causality techniques. This study covered the monthly data from 1971:M1 to 2014:M8. The Maki multiple breaks cointegration test suggests that the variables are cointegrated. Furthermore, the MWALD test shows a unidirectional causal relationship run from money supply (M2) to aggregate prices, meaning that only the monetarist’s view exist in the Malaysian economy. However, the time-varying causality tests indicate that inflation is not always a monetary phenomenon in Malaysia. Therefore, the contractionary monetary policy may not an effective instrument in managing inflationary behaviour in Malaysia.  </p><p><strong>Keywords:</strong> Cointegration; Inflation; Money; Recursive regression; Rolling regression</p><p><strong>JEL Classifications:</strong> C22; E31; E51</p>}, number={3}, journal={International Journal of Economics and Financial Issues}, author={TANG, Chor Foon and Ozturk, Ilhan}, year={2017}, month={Jun.}, pages={453–460} }