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On the Non-Neutrality of Money: Evidence from the 1990s

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  • Petr Duczynski

Abstract

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.

Suggested Citation

  • Petr Duczynski, 2004. "On the Non-Neutrality of Money: Evidence from the 1990s," Prague Economic Papers, University of Economics, Prague, vol. 2004(1), pages 40-54.
  • Handle: RePEc:prg:jnlpep:v:2004:y:2004:i:1:id:230:p:40-54
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    Keywords

    consumer prices; M1; M2; monetary base; real output;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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