Money and Income: A Changing Relationship
AbstractThe effect of money on output has been changing during the past two decades. This paper attempts to examine the money-income relationship in Australia and the United States during the period of the 1960s-1990s as well as the 1960s-1970s. The empirical findings of the study, based on variance decomposition and impulse response functions show a weak long-run relationship between money and income for both countries when the sample period includes the decades of the 1980s and 1990s. This result may indicate temporary short-run changes in the relationship between money and income. However, over a long period of time money has a neutral effect on output.
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Bibliographic InfoPaper provided by New South Wales - School of Economics in its series Papers with number 98-15.
Length: 17 pages
Date of creation: 1998
Date of revision:
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Postal: THE UNIVERSITY OF NEW SOUTH WALES, SCHOOL OF ECONOMICS, P.O.B. 1 KENSINGTON, NEW SOUTH WALES 2033 AUSTRALIA.
Fax: +61)-2- 9313- 6337
Web page: http://www.economics.unsw.edu.au/
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MONEY ; INCOME ; PRODUCTION ; AUSTRALIA ; UNITED STATES;
Find related papers by JEL classification:
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
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