On the Non-Neutrality of Money: Evidence from the 1990s
The paper examines the cross-country relations between nominal money and real output between 1990 and 2000. Both high money growth rates and declines in money are connected with below-average output growth rates. The association between the monetary base and real output is weaker than between M1 (or M2) and real output. I observe no tendency of money changes to precede output changes.
Volume (Year): 2004 (2004)
Issue (Month): 1 ()
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