Does Money Still Matter?
AbstractMoney is broadly defined to include M2 plus large denomination time deposits and deposits in savings institutions. Splitting M2+ into two components, M1 and the remainder, MD, each was found to bear a stable relationship to GDP over the 1929-94 period. An economic test of the causality question reveals that it runs from money to economic activity. Lastly, the evidence attests to the short-run non-neutrality of money on unemployment, and to the stabilizing influence of the private sector on the economy.
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Bibliographic InfoPaper provided by University of Minnesota, Department of Applied Economics in its series Staff Papers with number 14122.
Date of creation: 1997
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