Is Money Neutral? Some Evidence for Italy

Gianluca Cubadda () and Domenico Mignacca
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Domenico Mignacca: Universita di Ancona

International Finance from EconWPA

Abstract: The aim of this paper is to verify the hypothesis of money neutrality in the Italian experience. After a critical overview of the traditional techniques employed to verify this hypothesis, cointegration technique is used to verify: long-run neutrality, weak evidence of long-run superneutrality but absence of hyperneutrality. The absence of hyperneutrality implies that an acceleration of the growth rate of money affects real output.

JEL-codes: F3 F4 (search for similar items in EconPapers)
Date: 1994-10-20, Revised 1994-11-09
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpif:9410001

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