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The P-Star Model Approach Of Linking Money And Prices In Sri Lanka: Some Empirical Evidence

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  • Muzafar Shah Habibullah

Abstract

More recently, the P-Star approach of modeling inflation, proposed by Hallman et al. (1989), has been widely tested for the United States and other developed countries. However, the applicability of the P-Star model for developing countries is yet to be determined. Thus, the main purpose of the paper is to add to the current literature on the robustness of the P-Star approach with respect to a developing country, Sri Lanka. Using a sample period of 1981:1 to 1994:4, the results of the study suggest that the monetary data for Sri Lanka supported the P-Star model. The author concludes that there is a close relationship between money and the price level in Sri Lanka.

Suggested Citation

  • Muzafar Shah Habibullah, 2006. "The P-Star Model Approach Of Linking Money And Prices In Sri Lanka: Some Empirical Evidence," The IUP Journal of Applied Economics, IUP Publications, vol. 0(6), pages 28-39, November.
    • Handle: RePEc:icf:icfjae:v:05:y:2006:i:6:p:28-39
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