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Gary G. Moser and Reinold van Til

prices (t-1) 0.4897 ** (4.7141) 0.3996 ** (3.4665) + Δ log broad money (t) 0.1719 ** (2.1155) + Δ log broad money (t-1) 0.2481 ** (3.2741) + Δ log exchange rate (t-1) 0.1395 ** (2.3276) + Δ log exchange rate (t-2) 0.1557 ** (2.4131) + Δ log real income (t) -0.2547 ** (2.6681) - Δ log prices (t-1) 0.2951 ** (2.4433) + Δ 2 log prices (t-2) 2/ -0.4210 ** (3.7227) Adjusted R 2 0.9969 0.9965 .7067 Standard error of regression 0.0740 0.0737 .0661

International Monetary Fund

have not re-grown fully), and strong log prices following the earthquake and tsunami in Japan in March, which triggered a surge in demand for logs to build temporary housing. The redeveloped Gold Ridge mine which started its operations in April 2011 has also been supporting the economic expansion over the last few months. Inflation pressures are dissipating. After falling to 1 percent in 2010, inflation increased to 8.7 in August 2011 reflecting base effects and the pass-through of global energy and food prices. However, the latest reading of month-on-month data