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Testing long-run monetary neutrality propositions: lessons from the recent research Author info | Abstract | Publisher info | Download info | Related research | Statistics James Bullard
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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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Article provided by Federal Reserve Bank of St. Louis in its journal Review .
Volume (Year): (1999)
Issue (Month): Nov ()
Pages: 57-77
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Handle: RePEc:fip:fedlrv:y:1999:i:nov:p:57-77:n:v.81no.6Contact details of provider: Postal: P.O. Box 442, St. Louis, MO 63166 Fax: (314)444-8753 Web page: http://www.stlouisfed.org/ More information through EDIRC
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For technical questions regarding this item, or to correct its listing, contact: (Diane Rosenberger).
Keywords: Monetary theory ; Rational expectations (Economic theory) ; Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Crosby, Mark & Otto, Glenn, 2000.
"Inflation and the Capital Stock ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 32(2), pages 236-53, May.
Other versions: 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.
[Downloadable!] (restricted)
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.
[Downloadable!] (restricted)
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.
[Downloadable!] (restricted)
Other versions: Stanley Fischer, 1996.
"Why are central banks pursuing long-run price stability? ,"
Proceedings ,
Federal Reserve Bank of Kansas City, pages 7-34.
[Downloadable!]
David K. Backus & Patrick J. Kehoe, 1992.
"International Evidence on the Historical Properties of Business Cycles ,"
Working Papers
92-5, New York University, Leonard N. Stern School of Business, Department of Economics.
Other versions:
David K. Backus & Patrick J. Kehoe, 1991.
"International evidence on the historical properties of business cycles ,"
Staff Report
145, Federal Reserve Bank of Minneapolis.
[Downloadable!] 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 864-88, September.
[Downloadable!] (restricted) Jefferson, Philip N, 1997.
"On the Neutrality of Inside and Outside Money ,"
Economica ,
London School of Economics and Political Science, vol. 64(256), pages 567-86, November.
[Downloadable!] (restricted)
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.
[Downloadable!] (restricted)
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.).
[Downloadable!]
Jones, Charles I, 1995.
"Time Series Tests of Endogenous Growth Models ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 110(2), pages 495-525, May.
[Downloadable!] (restricted)
Robert J. Barro, 1996.
"Inflation and growth ,"
Proceedings ,
Federal Reserve Bank of St. Louis, issue May, pages 153-169.
[Downloadable!]
SangKun Bae & Mark J. Jensen, 1998.
"Long-Run Neutrality in a Long-Memory Model ,"
Macroeconomics
9809006, EconWPA, revised 30 Sep 1998.
[Downloadable!]
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 756-59, September.
[Downloadable!] (restricted)
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Camille Logeay & Silke Tober, 2003.
"Time-Varying Nairu and Real Interest Rates in the Euro Area ,"
Economics Working Papers
024, European Network of Economic Policy Research Institutes.
[Downloadable!]
Michal Brzoza-Brzezina, 2004.
"The Information Content of the Natural Rate of Interest: The Case of Poland ,"
Macroeconomics
0402007, EconWPA.
[Downloadable!]
Patrick J. Coe & James M. Nason, 2004.
"Long-run monetary neutrality and long-horizon regressions ,"
Journal of Applied Econometrics ,
John Wiley & Sons, Ltd., vol. 19(3), pages 355-373.
[Downloadable!]
Gary L. Shelley & Frederick H. Wallace, 2004.
"Long Run Effects of Money on Real Consumption and Investment in the U.S ,"
Macroeconomics
0404007, EconWPA, revised 06 Apr 2004.
[Downloadable!]
Other versions: Reimers, Hans-Eggert & Herwartz, Helmut, 2001.
"Long-Run Links Among Money, Prices, and Output: World-Wide Evidence ,"
Discussion Paper Series 1: Economic Studies
2001,14, Deutsche Bundesbank, Research Centre.
[Downloadable!]
Other versions: Virginie Traclet, 2004.
"Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU? ,"
Working Papers
04-28, Bank of Canada.
[Downloadable!]
Frederick H. Wallace & Gary L. Shelley, 2004.
"Long Run Neutrality and Superneutrality of Money: Aggregate and Sectoral Tests for Nicaragua ,"
Macroeconomics
0402004, EconWPA.
[Downloadable!]
Yunus Aksoy & Miguel A. León-Ledesma, 2005.
"Interest rates and output in the long-run ,"
Working Paper Series
434, European Central Bank.
[Downloadable!]
Other versions: Ricardo Lagos & Guillaume Rocheteau, 2004.
"Inflation, output and welfare ,"
Staff Report
342, Federal Reserve Bank of Minneapolis.
[Downloadable!]
Other versions:
Ricardo Lagos & Guillaume Rocheteau, 2004.
"Inflation, output, and welfare ,"
Working Paper
0407, Federal Reserve Bank of Cleveland.
[Downloadable!] Ricardo Lagos & Guillaume Rocheteau, 2005.
"Inflation, Output, And Welfare ,"
International Economic Review ,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(2), pages 495-522, 05.
[Downloadable!] (restricted) Jan Gottschalk, 2002.
"Keynesian and Monetarist Views on the German Unemployment Problem Theory and Evidence ,"
Kiel Working Papers
1096, Kiel Institute for the World Economy.
[Downloadable!]
Gary L. Shelley & Frederick H. Wallace, 2004.
"Testing for Long Run Neutrality of Money in Mexico ,"
Macroeconomics
0402003, EconWPA.
[Downloadable!]
Camille Logeay & Silke Tober, 2003.
"Time-varying Nairu and Real Interest Rates in the Euro Area ,"
Discussion Papers of DIW Berlin
351, DIW Berlin, German Institute for Economic Research.
[Downloadable!]
Michal Brzoza-Brzezina, 2003.
"Estimating the Natural Rate of Interest: A SVAR Approach ,"
Macroeconomics
0301008, EconWPA.
[Downloadable!]
Other versions: Westerlund, Joakim & Costantini, Mauro, 2006.
"Panel Cointegration and the Neutrality of Money ,"
Working Papers
2006:18, Lund University, Department of Economics.
[Downloadable!]
Other versions: Zisimos Koustas & Jean-Francois Lamarche, 2005.
"Policy-Induced Mean Reversion in the Real Interest Rate? ,"
Working Papers
0503, Brock University, Department of Economics, revised Jul 2005.
[Downloadable!]
Other versions: Etienne Lehmann, 2006.
"A Search Model of Unemployment and Inflation ,"
IZA Discussion Papers
2194, Institute for the Study of Labor (IZA).
[Downloadable!]
Other versions: R. Velazquez & A.E. Noriega & L.M. Soria, 2004.
"International Evidence on Monetary Neutrality Under Broken Trend Stationary Models ,"
Econometric Society 2004 Latin American Meetings
57, Econometric Society.
[Downloadable!]
Other versions: Shyh-Wei Chen, 2007.
"Evidence of the Long-Run Neutrality of Money: The Case of South Korea and Taiwan ,"
Economics Bulletin ,
Economics Bulletin, vol. 3(64), pages 1-18.
[Downloadable!]
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