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Tests Of Monetary Neutrality On Farm Output

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  • Devadoss, Stephen
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    Abstract

    According to the monetary neutrality hypothesis, only the unanticipated money supply growth has impacts on real economic variables, and the anticipated money supply growth has no real impacts. The monetary neutrality hypothesis is tested on real farm output. The test procedure involves joint estimation of farm output and the money growth equation. The empirical results show that the anticipated money supply growth does have significant effects on farm output and, thus, do not support the monetary neutrality hypothesis.

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    File URL: http://purl.umn.edu/32626
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    Bibliographic Info

    Article provided by Western Agricultural Economics Association in its journal Western Journal of Agricultural Economics.

    Volume (Year): 16 (1991)
    Issue (Month): 01 (July)
    Pages:

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    Handle: RePEc:ags:wjagec:32626

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    Web page: http://waeaonline.org/
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    Keywords: Financial Economics;

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    1. Rausser, Gordon C. & James, Chalfant A. & Love, H. Alan & Stamoulis, Kostas G., 1986. "Macroeconomic linkages, taxes, and subsidies in the U.S. agricultural sector," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt1nj635tk, Department of Agricultural & Resource Economics, UC Berkeley.
    2. Robert J. Barro & Mark Rush, 1980. "Unanticipated Money and Economic Activity," NBER Chapters, in: Rational Expectations and Economic Policy, pages 23-73 National Bureau of Economic Research, Inc.
    3. Bordo, Michael David, 1980. "The Effects of Monetary Change on Relative Commodity Prices and the Role of Long-Term Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(6), pages 1088-1109, December.
    4. Falk, Barry L. & Enders, Walter, 1984. "A Microeconomic Test of Money Neutrality," Staff General Research Papers 11101, Iowa State University, Department of Economics.
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