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Research Journal of Humanities and Social Sciences
Year : 2018, Volume : 9, Issue : 3
First page : ( 580) Last page : ( 584)
Print ISSN : 0975-6795. Online ISSN : 2321-5828.
Article DOI : 10.5958/2321-5828.2018.00097.9

Revisiting the Short-run and Long-run Relationship between Money Supply, Price Level and Economic Growth: Empirical Evidence from India

Dr. Rajeshwari U R*

Assistant Professor, Department of Economics, Christ University, Bangalore-560029

*Corresponding Author Email: rajeshwari.ur@christuniversity.in

JEL classification codes: E52, E2, E31, E51, E52, E58

Online published on 31 October, 2018.


The relationship between money supply, price and economic growth is always an important subject in the field of monetary economics. Because of the importance of economic growth, persistent concern has been given by many monetary economists to the relationship of money supply, price and economic growth. This study seeks to examine the short-run and long – run relationship between Money Supply, Price Level and Economic Growth. The time period of the study is from 1970 to 2014. The main source of data is the RBI Annual Reports and Labour Bureau Statistics. The measure of money supply used is the broad one. As far as prices are concerned, Consumer Price Index (CPI) has been used to represent the movements in prices. The finding drawn from the results sDhow that there is long run relationship exists between real GDP, Money supply and Price.



Macroeconomic, equilibrium.


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