Structural VAR models on Output, Unemployment, Money Supply and inflation in South Africa, where the money supply is represented by a discretised Divisia (törnqvist) index.

A Structural VectorAutoregression of real GDP, Unemployment, inflation and money supply (monetary policy)

A more refined and easy to follow iteration of aggregation techniques. The internal rates of return are better sourced and make for a much more stable looking Tornqvist index. Though proxies neede to be used which imply the money supply is much more responsive than prices. Maybe that has something to do with an underspecified model or an amalgamation of some of the determinants of the velocity of money. As such Mt captures more than just M, but also the determinants of V. The monetary policy approach to economic growth is questionable

An attempt at a cursory inquiry into the relationship between nominal output, real output and inflation (measured through the GDE deflator)