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Does money still matter for U.S. output?

Helge Berger () and Pär Österholm ()

Economics Letters, 2009, vol. 102, issue 3, 143-146

Abstract: In this note, we use an out-of-sample approach to investigate whether money growth Granger-causes output growth in the United States. We find that after the 'Great moderation,' the Granger-causal role of money appears to have vanished completely.

Keywords: Bayesian; VAR; Out-of-sample; forecasting; Granger; causality; Federal; Reserve; Volcker (search for similar items in EconPapers)
Date: 2009
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Handle: RePEc:eee:ecolet:v:102:y:2009:i:3:p:143-146