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On Long-Run Monetary Neutrality in Japan

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Author Info

  • Oi, Hiroyuki

    (Institute for Monetary and Econ Studies, Bank of Japan)

  • Shiratsuka, Shigenori

    (Institute for Monetary and Econ Studies, Bank of Japan)

  • Shirota, Toyoichiro

    (Institute for Monetary and Econ Studies, Bank of Japan and OH State U)

Abstract

This paper comprehensively investigates long-run monetary neutrality in Japan, with due consideration to the order of integration of the money stock and real output, mainly using long-term time-series data retroactively available from the Meiji Period (1868-1912). The empirical results indicate little evidence against the long-run neutrality of money (especially defined as M2) with respect to real GNP. In addition, such findings are robust to a wide range of identifying assumptions.

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Bibliographic Info

Article provided by Institute for Monetary and Economic Studies, Bank of Japan in its journal Monetary and Economic Studies.

Volume (Year): 22 (2004)
Issue (Month): 3 (October)
Pages: 79-113

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Handle: RePEc:ime:imemes:v:22:y:2004:i:3:p:79-113

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