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On the Neutrality of Inside and Outside Money

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  • Jefferson, Philip N

Abstract

The relationships between nominal inside money and real economic activity and nominal outside money and real economic activity are explored using data on checkable deposits, M2 excluding currency, the monetary base, and real income in the United States from 1900 to 1992. This is done by calculating the long-run elasticities of real output with respect to inside and outside components of the money stock. Small but significant deviations from neutrality are detected for inside money over a range of identifying assumptions. The evidence suggests, however, that the source of nonneutrality is not the one hypothesized by J. G. Gurley and E. S. Shaw (1960). Copyright 1997 by The London School of Economics and Political Science

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  • Jefferson, Philip N, 1997. "On the Neutrality of Inside and Outside Money," Economica, London School of Economics and Political Science, vol. 64(256), pages 567-586, November.
  • Handle: RePEc:bla:econom:v:64:y:1997:i:256:p:567-86
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    Cited by:

    1. repec:ebl:ecbull:v:3:y:2007:i:64:p:1-18 is not listed on IDEAS
    2. Shyh-Wei Chen, 2007. "Evidence of the Long-Run Neutrality of Money: The Case of South Korea and Taiwan," Economics Bulletin, AccessEcon, vol. 3(64), pages 1-18.
    3. James B. Bullard, 1999. "Testing long-run monetary neutrality propositions: lessons from the recent research," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 57-77.

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