Testing long-run monetary neutrality propositions: lessons from the recent research
In this paper, James Bullard reviews the recent evidence on the long-run neutrality and superneutrality of money. Bullard restricts his attention primarily to several papers assessing the time-series evidence using techniques due to Fisher and Seater (1993) and King and Watson (1997).
Volume (Year): (1999)
Issue (Month): Nov ()
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- SangKun Bae & Mark J. Jensen, 1998. "Long-Run Neutrality in a Long-Memory Model," Macroeconomics 9809006, EconWPA, revised 30 Sep 1998.
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Federal Reserve Bank of St. Louis, issue May, pages 153-169.
- 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 756-759, September.
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92-5, New York University, Leonard N. Stern School of Business, Department of Economics.
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- David K. Backus & Patrick J. Kehoe, 1991. "International evidence on the historical properties of business cycles," Staff Report 145, Federal Reserve Bank of Minneapolis.
- Weber, Axel A, 1994. "Testing Long-run Neutrality: Empirical Evidence for G7 Countries with Special Emphasis on Germany," CEPR Discussion Papers 1042, C.E.P.R. Discussion Papers.
- Geweke, John F, 1986. "The Superneutrality of Money in the United States: An Interpretation of the Evidence," Econometrica, Econometric Society, vol. 54(1), pages 1-21, January.
- Shaghil Ahmed & John H. Rogers, 1996. "Long-term evidence on the Tobin and Fisher effects: a new approach," International Finance Discussion Papers 566, Board of Governors of the Federal Reserve System (U.S.).
- Charles I. Jones, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, Oxford University Press, vol. 110(2), pages 495-525.
- 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.
- Ben S. Bernanke & Ilian Mihov, 1998.
"The Liquidity Effect and Long-Run Neutrality,"
NBER Working Papers
6608, National Bureau of Economic Research, Inc.
- Bernanke, Ben S. & Mihov, Ilian, 1998. "The liquidity effect and long-run neutrality," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 49(1), pages 149-194, December.
- Stanley Fischer, 1996. "Why are central banks pursuing long-run price stability?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 7-34.
- Crosby, Mark & Otto, Glenn, 2000.
"Inflation and the Capital Stock,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 32(2), pages 236-253, May.
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