On the Empirics of the Non-neutrality of Money: Cross-Country Evidence

Petr Duczynski
Additional contact information
Petr Duczynski: Department of Economics and Management, University of Hradec Králové, Rokitanského 62, 500 03 Hradec Králové, Czech Republic

Indian Economic Review, 2008, vol. 43, issue 1, 1-15

Abstract: The paper challenges the traditional view that nominal money is long-run neutral; it is shown that chronic monetary contractions between 1970 and 1990 were associated with significantly below-average real output growth rates in a broad sample of countries. The paper also examines the real per capita output growth performance across countries in the years with extremely high growth rates of nominal money, in the years with declines in nominal monetary aggregates, and in the years with declines in the price level in the 1970-1990 period, and observes a below-average output growth performance in these situations.

Keywords: Consumer Prices; Hysteresis; Nominal Monetary Aggregates; Real Output (search for similar items in EconPapers)
JEL-codes: E31 E32 N10 (search for similar items in EconPapers)
Date: 2008
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dse:indecr:v:43:y:2008:i:1:p:1-15

Ordering information: This journal article can be ordered from
http://www.ierdse.org/

Access Statistics for this article

Indian Economic Review is currently edited by Pami Dua (Editor) & Ram Singh (Associate Editor) and Sunil Kanwar

More articles in Indian Economic Review from Department of Economics, Delhi School of Economics University of Delhi, Delhi 110 007. Contact information at EDIRC.
Bibliographic data for series maintained by Pami Dua ().