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Growth and the Neutrality of Money

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  • Evans, Paul

Abstract

Using two simple stochastic growth models that nest both exogenous and endogenous growth, this paper shows that money should not be neutral in the long run if it is not neutral in the short run and if growth is endogenous. By contrast, if growth is exogenous, money should be neutral in the long run. The paper also tests whether money is neutral in the long run, finding no contrary evidence. Given that money is not neutral in the short run, this finding indicates that exogenous growth cannot be rejected in favor of endogenous growth.

Suggested Citation

  • Evans, Paul, 1996. "Growth and the Neutrality of Money," Empirical Economics, Springer, vol. 21(1), pages 187-202.
    • Handle: RePEc:spr:empeco:v:21:y:1996:i:1:p:187-202
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    Cited by:

    1. Joakim Westerlund & Mauro Costantini, 2009. "Panel cointegration and the neutrality of money," Empirical Economics, Springer, vol. 36(1), pages 1-26, February.
    2. Marios Zachariadis, 2003. "R&D, innovation, and technological progress: a test of the Schumpeterian framework without scale effects," Canadian Journal of Economics, Canadian Economics Association, vol. 36(3), pages 566-586, August.
    3. Kuek, Tai Hock, 2016. "A Review of Literature on Monetary Neutrality - The case of India," MPRA Paper 71962, University Library of Munich, Germany, revised 13 Jun 2016.
    4. Truong Hong Trinh, 2022. "Towards Money Market in General Equilibrium Framework," IJFS, MDPI, vol. 10(1), pages 1-18, February.

    More about this item

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General

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