Long-run monetary neutrality
In this article, we provide a test of long-run monetary neutrality employing cointegration and vector error-correction modelling methodology. Using quarterly data for the United States, we estimate the long-run relationships among money supply and output and other key macroeconomic variables. Our findings, in general, raise doubts about the long-run monetary neutrality proposition.
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Document Type: Research Article
Affiliations: School of Business, Clarkson University, Potsdam, NY 13699-5795, USA
Publication date: 01 July 2009