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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)

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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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File URL: http://www.imes.boj.or.jp/english/publication/mes/2004/me22-3-5.pdf
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Publisher 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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Find related papers by JEL classification:
N15 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Asia including Middle East
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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This page was last updated on 2008-8-11.

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