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Neutralidad monetaria a Largo plazo: El caso de Guatemala
[Long Run Money Neutrality in Guatemala]

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Author Info
Wallace, Fred
Cabrera-Castellanos, Luis F.

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Abstract

The Fisher-Seater (1993) methodology is applied to Guatemala data (1950-2002) in order to test for long-run neutrality of money. Real GDP, consumption, investment and public expenditure, and the monetary base and M2a are found to be I(1). Given this order of integration, we applied the Fisher Seater neutrality test and we found evidence of M1 neutrality with respect to GDP, expenditure and consumption.

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File URL: http://mpra.ub.uni-muenchen.de/4025/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4025.

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Date of creation: 2006
Date of revision: 2006
Publication status: Published in Revista Perspectivas No. 2.Vol. II(2007): pp. 112-133
Handle: RePEc:pra:mprapa:4025

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Related research
Keywords: Monetary Neutrality Guatemala

Find related papers by JEL classification:
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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  1. Olekalns, Nilss, 1996. "Some further evidence on the long-run neutrality of money," Economics Letters, Elsevier, vol. 50(3), pages 393-398, March. [Downloadable!] (restricted)
    Other versions:
  2. Gary L. Shelley & Frederick H. Wallace, 2004. "Testing for Long Run Neutrality of Money in Mexico," Macroeconomics 0402003, EconWPA. [Downloadable!]
  3. Garrett, Thomas A., 2003. "Aggregated versus disaggregated data in regression analysis: implications for inference," Economics Letters, Elsevier, vol. 81(1), pages 61-65, October. [Downloadable!] (restricted)
  4. Boschen, John F & Otrok, Christopher M, 1994. "Long-Run Neutrality and Superneutrality in an ARIMA Framework: Comment," American Economic Review, American Economic Association, vol. 84(5), pages 1470-73, December. [Downloadable!] (restricted)
  5. Ball, Laurence & Romer, David, 2003. " Inflation and the Informativeness of Prices," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(2), pages 177-96, April.
    Other versions:
  6. Wallace, Frederick H, 1999. "Long-Run Neutrality of Money in the Mexican Economy," Applied Economics Letters, Taylor and Francis Journals, vol. 6(10), pages 637-39, October. [Downloadable!] (restricted)
  7. Fisher, Mark E & Seater, John J, 1993. "Long-Run Neutrality and Superneutrality in an ARIMA Framework," American Economic Review, American Economic Association, vol. 83(3), pages 402-15, June. [Downloadable!] (restricted)
  8. Wu, Yangru & Zhang, Junxi, 1998. "Endogenous growth and the welfare costs of inflation: a reconsideration," Journal of Economic Dynamics and Control, Elsevier, vol. 22(3), pages 465-482, March. [Downloadable!] (restricted)
  9. Haug, Alfred A & Lucas, Robert F, 1997. "Long-Run Neutrality and Superneutrality in an ARIMA Framework: Comment," American Economic Review, American Economic Association, vol. 87(4), pages 756-59, September. [Downloadable!] (restricted)
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