منابع مشابه
Testing Long-Run Neutrality
K ey classical macroeconomic hypotheses specify that permanent changes in nominal variables have no effect on real economic variables in the long run. The simplest “long-run neutrality” proposition specifies that a permanent change in the money stock has no long-run consequences for the level of real output. Other classical hypotheses specify that a permanent change in the rate of inflation has...
متن کاملTesting the long run neutrality of money based on the seasonal cointegration theory: The case of Iran
This article uses seasonal integration and co integration techniques to test the hypothesis of neutrality of money, using data from the Iranian economy. Seasonal data for the three variables of money supply, output and prices show that (increase in) money supply and the price level are co integrated at zero frequency, but one does not see such a relationship between (increase in) money supply a...
متن کاملLong-Run Neutrality in a Long-Memory Model
In this paper we use a bivariate, fractionally integrated, autoregressive, moving average model of money and real output to extend Fisher and Seater (1993) long-run neutrality requirements to long-memory processes. We derive new restrictions on the order of the nominal and real variable and discuss their implications when long-run neutrality is tested with a reduced form econometric model. Thes...
متن کاملtesting the long run neutrality of money based on the seasonal cointegration theory: the case of iran
this article uses seasonal integration and co integration techniques to test the hypothesis of neutrality of money, using data from the iranian economy. seasonal data for the three variables of money supply, output and prices show that (increase in) money supply and the price level are co integrated at zero frequency, but one does not see such a relationship between (increase in) money supply a...
متن کاملTesting Long-Run Monetary Neutrality Propositions: Lessons from the Recent Research
M onetary economists long have thought that government injections of money into a macroeconomy have a certain neutral effect. The main idea is that changes in the money stock eventually change nominal prices and nominal wages, ultimately leaving important real variables, like real output, real consumption expenditures, real wages, and real interest rates, unaffected. Since economic decision mak...
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ژورنال
عنوان ژورنال: Proceedings of the ISCIE International Symposium on Stochastic Systems Theory and its Applications
سال: 2020
ISSN: 2188-4730,2188-4749
DOI: 10.5687/sss.2020.34