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Testing long-run monetary neutrality propositions: lessons from the recent research

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Abstract

In this paper, James Bullard reviews the recent evidence on the long-run neutrality and superneutrality of money. Bullard restricts his attention primarily to several papers assessing the time-series evidence using techniques due to Fisher and Seater (1993) and King and Watson (1997).

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  • James B. Bullard, 1999. "Testing long-run monetary neutrality propositions: lessons from the recent research," Review, Federal Reserve Bank of St. Louis, vol. 81(Nov), pages 57-77.
    • Handle: RePEc:fip:fedlrv:y:1999:i:nov:p:57-77:n:v.81no.6
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    References listed on IDEAS

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    1. Charles I. Jones, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(2), pages 495-525.
    2. Bernanke, Ben S. & Mihov, Ilian, 1998. "The liquidity effect and long-run neutrality," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 49(1), pages 149-194, December.
    3. SangKun Bae & Mark J. Jensen, 1998. "Long-Run Neutrality in a Long-Memory Model," Macroeconomics 9809006, University Library of Munich, Germany, revised 21 Apr 1999.
    4. Backus, David K & Kehoe, Patrick J, 1992. "International Evidence of the Historical Properties of Business Cycles," American Economic Review, American Economic Association, vol. 82(4), pages 864-888, September.
    5. repec:bla:econom:v:64:y:1997:i:256:p:567-86 is not listed on IDEAS
    6. Bullard, James & Keating, John W., 1995. "The long-run relationship between inflation and output in postwar economies," Journal of Monetary Economics, Elsevier, vol. 36(3), pages 477-496, December.
    7. Robert J. Barro, 1996. "Inflation and growth," Proceedings, Federal Reserve Bank of St. Louis, vol. 78(May), pages 153-169.
    8. Shaghil Ahmed & John H. Rogers, 1996. "Long-term evidence on the Tobin and Fisher effects: a new approach," International Finance Discussion Papers 566, Board of Governors of the Federal Reserve System (U.S.).
    9. Weber, Axel A, 1994. "Testing Long-run Neutrality: Empirical Evidence for G7 Countries with Special Emphasis on Germany," CEPR Discussion Papers 1042, C.E.P.R. Discussion Papers.
    10. Geweke, John F, 1986. "The Superneutrality of Money in the United States: An Interpretation of the Evidence," Econometrica, Econometric Society, vol. 54(1), pages 1-21, January.
    11. Canova, Fabio, 1994. "Testing long-run neutrality: Empirical evidence for G7-countries with special emphasis on Germany A comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 41(1), pages 119-125, December.
    12. Crosby, Mark & Otto, Glenn, 2000. "Inflation and the Capital Stock," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(2), pages 236-253, May.
    13. Stanley Fischer, 1996. "Why are central banks pursuing long-run price stability?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 7-34.
    14. Patrick J. Coe & James M. Nason, "undated". "Long Run Monetary Neutrality in Three Samples: The United Kingdom, the United States, and the Small," Working Papers 1999-06, Department of Economics, University of Calgary, revised 01 Nov 1999.
    15. Haug, Alfred A & Lucas, Robert F, 1997. "Long-Run Neutrality and Superneutrality in an ARIMA Framework: Comment," American Economic Review, American Economic Association, vol. 87(4), pages 756-759, September.
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