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Monetary Policy, Output and Prices- Peláezs Contributions and a Sequential Multiple-horizon Non-causation Test for the period 1861-1970

Erik Figueiredo (), Claudio Shikida () and Ari Francisco Araújo

No 20, Série Textos para Discussão (Working Papers) from Programa de Pós-Graduação em Economia - PPGE, Universidade Federal da Paraíba

Abstract: This paper aims to examine if the use of modern protocol for time series data analysis corroborates the results found previously in the literature. Speci cally, we inspect the non structuralists arguments developed in the 1970s about monetary policy e ects. The contributions of this paper are-(a) to review the non-structuralist arguments made by Carlos Manuel Pelaez and Wilson Suzigan and in Pelaez's later works and (b) to test the causality between money, output, and prices, as well as the authors central argument on the importance of monetary policy, using the sequential multiple-horizon non-causation test developed by Hill (2007). Pelaez and Suzigan's original results are corroborated, since monetary policy (measured by monetary base) has an eff ect on nominal rather than on real output.

New Economics Papers: this item is included in nep-his, nep-mac and nep-mon
Date: 2013
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