Abstract:
In this paper we argue that both statistics and economic theory-based evidence largely indicate the absence of long run relationships between the real output and the most relevant monetary indicator for the UK and the US short term interest rates. These findings are not only a full sample result, but also valid in most of the subsamples throughout the second half of the 20th century.
More papers in Studies in Economics from Department of Economics, University of Kent Address: Department of Economics, University of Kent at Canterbury, Canterbury, Kent, CT2 7NP Series data maintained by Emma Robinson ().
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