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Effects of foreign currency component in monetary aggregates on money neutrality

Jimmy Ran, Jan P. Voon and Guangzhong Li

Economics Letters, 2008, vol. 99, issue 3, 435-438

Abstract: We test the money neutrality from a new angle. The in-sample investigation provides evidence that M1 and M2 with or without foreign currency component affect nominal GDP. The out-of-sample approach shows money tends to affect nominal more than real GDP.

Date: 2008
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