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Testing long-run neutrality of money: evidence from the UK

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  • Dimitrios Malliaropulos

Abstract

The paper presents empirical evidence on the long-run neutrality of monetary policy in the UK based on the methodology developed by Fisher and Seater. Money is found to be long-run neutral with respect to real GDP and real equity prices. However, in the short to medium term permanent positive shocks to money supply seem to be positively correlated with real GDP and negatively correlated with real equity prices.

Suggested Citation

  • Dimitrios Malliaropulos, 1995. "Testing long-run neutrality of money: evidence from the UK," Applied Economics Letters, Taylor & Francis Journals, vol. 2(10), pages 347-350.
    • Handle: RePEc:taf:apeclt:v:2:y:1995:i:10:p:347-350
    DOI: 10.1080/758518986
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    Cited by:

    1. Chin-Hong Puah & Muzafar Shah Habibullah & Venus Khim-Sen Liew, 2010. "Is money neutral in stock market? The case of Malaysia," Economics Bulletin, AccessEcon, vol. 30(3), pages 1852-1861.
    2. Habibullah, Muzafar & Hong, Puah & Mohamed, Azali, 2001. "Testing Long-Run Neutrality of Money in Malaysia," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 35, pages 69-83.
    3. Tang, Maggie May-Jean, 2016. "A Review of the Literature on Monetary Neutrality," MPRA Paper 70113, University Library of Munich, Germany.
    4. 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.
    5. Nwanne, Nkem, 2017. "An Examination of the Neutrality of US Money Supply on the Nigerian Economy," MPRA Paper 82227, University Library of Munich, Germany.
    6. Chin-Hong Puah, & Muzafar Shah Habibullah & Kian-Ping Lim, 2006. "Testing Long-Run Neutrality Of Money: Evidence From Malaysian Stock Market," The IUP Journal of Applied Economics, IUP Publications, vol. 0(4), pages 15-37, July.
    7. Chin-Hong PUAH,* & Muzafar Shah HABIBULLAH** & Shazali Abu MANSOR*, 2002. "Some Empirical Evidence On The Quantity Theoretic Proposition Of Money In Asean-5," Pakistan Journal of Applied Economics, Applied Economics Research Centre, vol. 18, pages 31-47.

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