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 fi...

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Bibliographic Details
Published in:Applied economics 2009-07, Vol.41 (16), p.2025-2036
Main Authors: Atesoglu, H. Sonmez, Emerson, Jamie
Format: Article
Language:English
Subjects:
Cointegration
Cointegration analysis
Correlation analysis
Economic models
Economic theory
Error correction models
Estimation
Methodology
Monetary theory
Money supply
Neutrality
Output
Output rate
Studies
U.S.A
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Summary: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.
ISSN:0003-6846
1466-4283
DOI:10.1080/00036840701604479