MONETARY NEUTRALITY

Apostolos Serletis and Zisimos Koustas

Macroeconomic Dynamics, 2019, vol. 23, issue 6, 2133-2149

Abstract: We test the long-run neutrality of money proposition for the United States paying attention to the integration and cointegration properties of the variables. We use quarterly data (over the period from 1967:1 to 2014:1) and the new Center for Financial Stability Divisia monetary aggregates. We make a comparison among the narrower monetary aggregates, M1, M2M, MZM, M2, and ALL, and the broad monetary aggregates, M4+, M4-, and M3, and show that there is no statistically significant evidence against long-run monetary neutrality, consistent with both monetarist and Keynesian macroeconomic theory.

Date: 2019
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Working Paper: Monetary Neutrality (2015)
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