Effects of foreign currency component in monetary aggregates on money neutrality
Jan P. Voon and
Economics Letters, 2008, vol. 99, issue 3, 435-438
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.
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