32 Table 8

# THE IMPACT OF FOUR PERCENT INCREASE IN THE U.S. NONEY SUPPLY IN MULTIMOD (MULTI), TAYLOR, AND LIVERPOOL (LIVPL) MODELS

|||C."|||PGNP|USA|E|XCHR|||RS||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|198S<br>|MULTI<br> <br>0.68<br> <br>|TAYLO<br>0.83<br>|R LIVPL<br>0.60<br>|MULTI<br>0.20<br>|TAYLO<br>0.23<br>|R LIVPL<br>1.80<br>|IJLTI<br>-4.29<br>|TAYLO<br>-4.10<br>|RLIVPL<br>-2.20<br>|IJLTI<br>-0.37<br>|TAYLO<br>-0.61<br>|R LIVPL<br>0.40<br>|
|1986<br>|<br>_0.e2_<br> <br>|0.50<br>|0.10<br>|0.59<br>|0.85<br>|3.70<br>|-S501<br>|-3.40<br>|*3.90<br>|-0.30<br>|-0.50<br>|-0.30<br>|
|1987<br>|<br>0.69<br>|0.45<br>|.0.10<br>|1.15<br>|1.42<br>|3.90<br>|-4.34|-3.10|-4.00<br>|-0.25|-0.34|-0.10|
|1988<br>|0.56<br>|0.33<br>|-0.20<br>|1.83<br>|1.83<br>|4.10<br>|-3.98<br>|-2.90<br>|-4.10<br>|-0.19<br>|-0.31<br>|-0.10<br>|
|1989<br>|0.39<br>|0.19<br>|-0.20<br>|2.56|2.11|4.40|-3.72|-2.70|-4.30|*0.12|-0.30|0.00|
|1990|0.22|0.13|-0.20|3.29|2.27|4.50|-3.55|-2.50|-4.40|-0.06|-0.29|0.00|

## .JAPAN

|||GNP|||**PCNP**||E|XCHR|||RS||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||MULTI<br>|TAYLO<br>|R LIVPL<br>|MULTI<br>|TAYLO<br>|R LIVPL<br>|UJLTI<br>|TAYLO<br>|R LIVPL<br>|MULTI<br>|TAYLO<br>|RLIVPL<br>|
|1985<br>|-0.36<br>|0.01<br>|0.00<br>|-0.09<br>|-O.C1<br>|-0.20<br>|4.33<br>|4.40<br>|2.40<br>|-0.07<br>|-0.01|-0.20|
|1986<br>|-0.43<br>|-0.08<br>|0.00<br>|-0.26<br>|-0.08<br>|-0.10<br>|5.10<br>|3.70<br>|4.30<br>|-0.10<br>|-0.02<br>|-0.10<br>|
|1987<br>|-0.28<br>|-0.21<br>|0.00<br>|-0.40<br>|-0.22<br>|0.00<br>|4.43<br>|3.30<br>|4.30|-0.10|-0.05|0.00<br>|
|1988<br>|-0.10<br>|-0.31<br>|0.00<br>|-0.41<br>|-0.41<br>|0.00<br>|4.07<br>|3.10<br>|4.40<br>|-0.07|-0.07|0.00<br>|
|1989<br>|0.05<br>|-0.31<br>|0.00<br>|-0.31<br>|-0.61<br>|0.00<br>|3.81<br>|2.80<br>|4.60<br>|-0.03<br>|-0.08|0.00<br>|
|1990|0.13|-0.24|O.00|-0.09|-0.76|0.00|3.67|2.60|4.60|0.00|-0.08|0.00|

# ROECD/la

|||0GW.|||PGNP||**E**|**XCHR**|||RS||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||..............<br>|.......<br>||...............<br>...............<br>|......<br>......|||||...............|......||
||MULTI<br>|TAYLOR<br>|LIVPL<br>|MULTI<br>|TAYLOR<br>|LIVPL<br>|MULTI<br>|TAYLOR<br>|LIVPL<br>|MULTI|TAYLOR|LIVPL|
|1985<br>|-0.34<br>|0.04<br>|0.10<br>|-0.14<br>|0.02<br>|-0.10<br>|4.46<br>|4.20<br>|2.40<br>|-0.07<br>|0.02|-0.10|
|1986<br>|-0.40<br>|-0.06<br>|0.00<br>|-0.32<br>|-0.1<br>|0.00<br>|5.19<br>|3.60<br>|4.20<br>|-0.11<br>|-0.04|-0.10<br>|
|1987<br>|-0.28<br>|-0.11<br>|0.00<br>|-0.40<br>|-0.23<br>|0.00<br>|4.47<br>|3.20<br>|4.20<br>|-0.10|-0.07|0.00<br>|
|1988<br>|-0.12<br>|-0.13<br>|0.00<br>|-0.35<br>|-0.36<br>|0.10<br>|4.09<br>|3.00<br>|4.50<br>|-0.07<br>|-0.10|0.00<br>|
|1989<br>|0.01<br>|-0.12<br>|0.00<br>|-0.17<br>|-0.46<br>|0.10<br>|3.83<br>|2.80<br>|4.50<br>|-0.02<br>|-0.10|0.00<br>|
|1990|0.06|-0.07|0.00|0.08|-0.52|0.10|3.68|2.60|4.60|0.01|-0.09|0.00|

- SOURCE: For Taylor and Liverpool is Bryant (1988, Vol. 2), for MULTIMOD is IECAP.

- a/ Instead of ROECD in Taylor and Liverpool, the results for Large Industrialized Countries are reported for MULTIMOD.

- The numbers for GNP, PGNP and ER are in percentage from the baseline and the number for RS are percentage point change from baseline.

- GNP - Gross National Product

- PGNP - GNP Price Deflator

- ER - Exchange Rate RS - Short-Term Interest Rate