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Monetary Neutrality in the Nepalese Economy during 1975-2008

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  • Mukesh Khanal
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    Abstract

    One of the methods of measuring the effectiveness of monetary policies is via inspection of monetary neutrality in the economy. It is a concept from classical economics and it suggests that changes in nominal variables do not have any impact on real variables. This paper studies the presence or absence of effective monetary policy in Nepal between 1975 and 2008 by observing money supply (nominal side), and real GDP (real). [NRB]. URL:[http://red.nrb.org.np/publications/economic_review/Economic_Review_(Occasional_Paper)--No_23,_April_2011+5_Monetary_Neutrality_in_the_Nepalese_Economy_during_1975-2008[Mukesh%20Khanal].pdf].

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    Bibliographic Info

    Paper provided by eSocialSciences in its series Working Papers with number id:4647.

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    Date of creation: Dec 2011
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    Handle: RePEc:ess:wpaper:id:4647

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    Related research

    Keywords: nepal; Monetary Neutrality; Nepalese Economy; GDP; real GDP; central banks; monetary policies; money supply; supply; financial markets; market; indian currencies; EXCHANGE RATE; INTEREST RATE; businesses; rupee;

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    1. Peter van Els & Alberto Locarno & Julian Morgan & Jean-Pierre Villetelle, 2001. "Monetary policy transmission in the euro area: what do aggregate and national structural models tell us?," Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area 433, Bank of Italy, Economic Research and International Relations Area.
    2. Michael Ehrmann & Leonardo Gambacorta & Jorge Martínez-Pagés & Patrick Sevestre & Andreas Worms, 2001. "Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area," Banco de Espa�a Working Papers 0118, Banco de Espa�a.
    3. J. B. Chatelain & Andrea Generale & I. Hernando & U. von Kalckreuth & P. Vermeulen, 2001. "Firm investment and monetary transmission in the euro area," Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area 431, Bank of Italy, Economic Research and International Relations Area.
    4. repec:nrb:journl:v:22:y:2010:p:1 is not listed on IDEAS
    5. Graham Elliott & Thomas J. Rothenberg & James H. Stock, 1992. "Efficient Tests for an Autoregressive Unit Root," NBER Technical Working Papers 0130, National Bureau of Economic Research, Inc.
    6. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, Econometric Society, vol. 55(2), pages 251-76, March.
    7. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, Econometric Society, vol. 37(3), pages 424-38, July.
    8. Nephil Matangi Maskay Ph.D. & Rajendra Pandit, 2009. "Interest Rate Pass-Through in Nepal," NRB Working Paper, Nepal Rastra Bank, Research Department 05/2009, Nepal Rastra Bank, Research Department.
    9. Jacobson, Tor & Jansson, Per & Vredin, Anders & Warne, Anders, 1999. "A VAR Model for Monetary Policy Analysis in a Small Open Economy," Working Paper Series 77, Sveriges Riksbank (Central Bank of Sweden).
    10. Lucas, Jr., Robert E., 1995. "Monetary Neutrality," Nobel Prize in Economics documents, Nobel Prize Committee 1995-1, Nobel Prize Committee.
    11. Cripps, Francis, 1977. "The Money Supply, Wages and Inflation," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 1(1), pages 101-12, March.
    12. Hilary Metcalf, 2000. "From unemployment to self-employment: developing an effective structure of micro-finance support," NIESR Discussion Papers, National Institute of Economic and Social Research 172, National Institute of Economic and Social Research.
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