A Cointegration analysis of inflation and interest rate volatility in Ghana. (2003:01 – 2013:12)

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A Cointegration analysis of inflation and interest rate volatility in Ghana. (2003:01 – 2013:12)

Abstract
The relationship between inflation and interest rate is of interest to many economy planners. The objective of this paper is to establish the relationship between interest rate and inflation in Ghana. Using monthly data for the period January 2003 to December 2013, this paper employ time series techniques, namely unit root tests, cointegration test and Granger causality to the data. The unit root test showed that both interest rate and inflation are non-stationary at the levels of the process but stationary at first difference.

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