Growth and the Neutrality of Money
AbstractUsing two simple stochastic growth models that nest both exogenous and endogenous growth, this paper shows that money should not be neutral in the long run if it is not neutral in the short run and if growth is endogenous. By contrast, if growth is exogenous, money should be neutral in the long run. The paper also tests whether money is neutral in the long run, finding no contrary evidence. Given that money is not neutral in the short run, this finding indicates that exogenous growth cannot be rejected in favor of endogenous growth.
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Bibliographic InfoArticle provided by Springer in its journal Empirical Economics.
Volume (Year): 21 (1996)
Issue (Month): 1 ()
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- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
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- Joakim Westerlund & Mauro Costantini, 2009.
"Panel cointegration and the neutrality of money,"
Springer, vol. 36(1), pages 1-26, February.
- Marios Zachariadis, 2003.
"R&D, innovation, and technological progress: a test of the Schumpeterian framework without scale effects,"
Canadian Journal of Economics,
Canadian Economics Association, vol. 36(3), pages 566-586, August.
- Marios Zachariadis, . "R&D, Innovation, and Technological Progress: A Test of the Schumpeterian Framework Without Scale Effects," Departmental Working Papers 2002-18, Department of Economics, Louisiana State University.
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