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On Long-Run Monetary Neutrality in Japan

Author

Listed:
  • 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.

Suggested Citation

  • Oi, Hiroyuki & Shiratsuka, Shigenori & Shirota, Toyoichiro, 2004. "On Long-Run Monetary Neutrality in Japan," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 22(3), pages 79-113, October.
    • Handle: RePEc:ime:imemes:v:22:y:2004:i:3:p:79-113
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    Citations

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    Cited by:

    1. Takatoshi Ito, 2013. "Great Inflation and Central Bank Independence in Japan," NBER Chapters, in: The Great Inflation: The Rebirth of Modern Central Banking, pages 357-387, National Bureau of Economic Research, Inc.
    2. Su-Ling TSAI & Tsangyao CHANG, 2018. "The Comovment between Money and Economic Growth in 15 Asia-Pacific Countries: Wavelet Coherency Analysis in Time-Frequency Domain," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 63-79, December.
    3. Cai, Yifei, 2016. "货币供给数量、结构与经济增长—来自adl门限协整检验与时变格兰杰因果关系检验的证据 [Quantity and Structure of Money Supply and Economic Growth— Evidence from ADL Test for Threshold Cointegration and Time-varying Granger Causality Relation," MPRA Paper 73750, University Library of Munich, Germany.
    4. Arintoko & Nunik Kadarwati, 2009. "Is long-run monetary neutral? Evidence from Indonesia," Economic Journal of Emerging Markets, Universitas Islam Indonesia, vol. 1(3), pages 197-214, April.
    5. Nwanne, Nkem, 2017. "An Examination of the Neutrality of US Money Supply on the Nigerian Economy," MPRA Paper 82227, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; 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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