Monetary Policy Does Matter: Control Causality and Superexogeneity
AbstractIn this paper, the sufficiency of superexogeneity for control causality is exploited in the case of monetary policy and real output. The superexogeneity of the formulation of monetary policy for the real output gap is tested and found to be true implying a causal link from monetary policy to the real output gap. Given the empirical evidence, the Lucas Critique appears to be a theoretical possibility but not empirically relevant in this case. Copyright 2002 by Blackwell Publishing Ltd
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Bibliographic InfoArticle provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.
Volume (Year): 64 (2002)
Issue (Month): 5 (December)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0305-9049
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- SOOREEA, Rajeev, 2007. "Are Taylor-Based Monetary Policy Rules Forward-Looking?. An Investigation Using Superexogeneity Tests," Applied Econometrics and International Development, Euro-American Association of Economic Development, Euro-American Association of Economic Development, vol. 7(2), pages 87-94.
- Yang, Yung Y. & Yi, Myung Hoon, 2008. "Does financial development cause economic growth? Implication for policy in Korea," Journal of Policy Modeling, Elsevier, Elsevier, vol. 30(5), pages 827-840.
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