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MONETARY NEUTRALITY [PDF]

Macroeconomic Dynamics, 2017
We test the long-run neutrality of money proposition for the United States paying attention to the integration and cointegration properties of the variables. We use quarterly data (over the period from 1967:1 to 2014:1) and the new Center for Financial Stability Divisia monetary aggregates.
Apostolos Serletis, Zisimos Koustas
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Long-run monetary neutrality

Applied Economics, 2009
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.
H. Sonmez Atesoglu, Jamie Emerson
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Monetary Aggregation and the Neutrality of Money

Economic Inquiry, 2001
This article tests the long‐run neutrality of money proposition using quarterly U.S. data over the period from 1960:1 to 1996:2 and the methodology suggested by King and Watson (1997), paying particular attention to the integration and cointegration properties of the variables. Comparisons are made among simple sum, Divisia, and currency equivalent (CE)
A Serletis, Z Koustas
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MONETARY BANDS AND MONETARY NEUTRALITY

International Economic Journal, 2002
This paper attempts to provide an explanation of the short-run monetary non-neutrality in an economy where agents have full current information and no nominal prices are set in advance. This non-neutrality arises due to the government's setting of nominal target bands.
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Nobel Lecture: Monetary Neutrality

Journal of Political Economy, 1996
No ...
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Monetary information and monetary neutrality

Journal of Monetary Economics, 1981
Abstract The monetary theory of business fluctuations in market clearing models constructed under the rational expectations assumption — as advanced by Lucas and others — involves the idea that suppliers and demanders will typically misinterpret movements in the general level of prices as representing more or less favorable relative opportunities for
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MONETARY NEUTRALITY UNDER EVOLUTIONARY DOMINANCE OF BOUNDED RATIONALITY

Economic Inquiry, 2015
We provide evolutionary game‐theoretic microfoundations to a dynamic complete nominal adjustment in response to a monetary shock by introducing a novel analytical notion that we call boundedly rational inattentiveness. We investigate the behavior of the general price level in a context where a firm can either pay a cost (featuring a random component ...
Gilberto Tadeu Lima, Jaylson Jair da Silveira   +1 more
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Monetary Neutrality and Optimality with Symmetric Partial Information

International Economic Journal, 1988
The neutrality and optimality of countercyclical monetary policy are examined in a representative economy featuring competitive equilibria in multiple markets and rational expectations based on a f...
MARSHA J. COURCHANE, DAVID B. NICKERSON
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A Review of Monetary Neutrality Literature

SSRN Electronic Journal, 2020
In this paper, I review some selected literature about or related to the monetary neutrality and show that specific aspects of the monetary (non-)neutrality are actually derived from the underlying welfare consideration and thus their validity or desirability depend on the current state and way of organising the economy.
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Disaggregate Level Evidence on Monetary Neutrality

The Review of Economics and Statistics, 1988
Existing tests of the neutrality hypothesis focus on aggregate level economic activity. However, failure to examine disaggregate level effects can lead to incorrect inferences concerning anticipated and unanticipated money growth impacts. Disaggregate level testing of neutrality is limited.
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