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Testing the Long-Run Neutrality of Money:The Case of Japan, South Korea and Taiwan

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Author Info

  • Shyh-Wei Chen

    (Department of Finance, Da-Yeh University, Taiwan)

  • Wen-Lin Hsu

    (Department of Economics, Tunghai University, Taiwan)

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    Abstract

    This paper examines the short-run and long-run neutrality of money using methodology suggested by King and Watson (1997) on quarterly data from South Korea and Taiwan (King and Watson (1997), Testing Long-Run Neutrality, Federal Reserve Bank of Richmond Economic Quarterly, 83(3), 69-103). A body of empirical evidence provides considerable support for the long-run neutrality of money with respect to real output in the case of South Korea, but does not support short-run neutrality. There is little evidence for short-run and long-run monetary neutrality for Taiwan. The possible reasons for this discrepancy include the different methodologies, particularly different measurement methods for money and sample periods.

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    File URL: http://www.jem.org.tw/content/pdf/Vol.5No.1/01.pdf
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    Bibliographic Info

    Article provided by College of Business, Feng Chia University, Taiwan in its journal Journal of Economics and Management.

    Volume (Year): 5 (2009)
    Issue (Month): 1 (January)
    Pages: 1-27

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    Handle: RePEc:jec:journl:v:5:y:2009:i:1:p:1-27

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    Related research

    Keywords: money neutrality; structural VAR; impulse response function;

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