On Long-Run Monetary Neutrality in Japan

Hiroyuki Oi, Shigenori Shiratsuka () and Toyoichiro Shirota
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Hiroyuki Oi: Institute for Monetary and Econ Studies, Bank of Japan

Monetary and Economic Studies, 2004, vol. 22, issue 3, 79-113

Abstract: This paper comprehensively investigates long-run monetary neutrality in Japan, with due consideration to the order of integration of the money stock and real output, mainly using long-term time-series data retroactively available from the Meiji Period (1868-1912). The empirical results indicate little evidence against the long-run neutrality of money (especially defined as M2) with respect to real GNP. In addition, such findings are robust to a wide range of identifying assumptions.

JEL-codes: E51 N15 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:ime:imemes:v:22:y:2004:i:3:p:79-113

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