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On the Empirics of the Non-neutrality of Money: Cross-Country Evidence


  • Petr Duczynski

    (Department of Economics and Management, University of Hradec Králové, Rokitanského 62, 500 03 Hradec Králové, Czech Republic)


The paper challenges the traditional view that nominal money is long-run neutral; it is shown that chronic monetary contractions between 1970 and 1990 were associated with significantly below-average real output growth rates in a broad sample of countries. The paper also examines the real per capita output growth performance across countries in the years with extremely high growth rates of nominal money, in the years with declines in nominal monetary aggregates, and in the years with declines in the price level in the 1970-1990 period, and observes a below-average output growth performance in these situations.

Suggested Citation

  • Petr Duczynski, 2008. "On the Empirics of the Non-neutrality of Money: Cross-Country Evidence," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 43(1), pages 1-15, July.
  • Handle: RePEc:dse:indecr:v:43:y:2008:i:1:p:1-15

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    References listed on IDEAS

    1. Majumder, Rajarshi, 2004. "Infrastructure And Regional Development In India," MPRA Paper 4814, University Library of Munich, Germany.
    2. Majumder, Rajarshi, 2003. "Infrastructural Facilities in India: District Level Availability Index," MPRA Paper 4779, University Library of Munich, Germany.
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    More about this item


    Consumer Prices; Hysteresis; Nominal Monetary Aggregates; Real Output;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative


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