Long-run monetary neutrality

H. Sonmez Atesoglu and Jamie Emerson

Applied Economics, 2009, vol. 41, issue 16, pages 2025-2036

Abstract: In this article, we provide a test of long-run monetary neutrality employing cointegration and vector error-correction modelling methodology. Using quarterly data for the United States, we estimate the long-run relationships among money supply and output and other key macroeconomic variables. Our findings, in general, raise doubts about the long-run monetary neutrality proposition.

Date: 2009

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