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Monetary Neutrality in the Nepalese Economy during 1975-2008

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  • Mukesh Khanal

Abstract

One of the methods of measuring the effectiveness of monetary policies is via inspection of monetary neutrality in the economy. It is a concept from classical economics and it suggests that changes in nominal variables do not have any impact on real variables. This paper studies the presence or absence of effective monetary policy in Nepal between 1975 and 2008 by observing money supply (nominal side), and real GDP (real). [NRB]. URL:[http://red.nrb.org.np/publications/economic_review/Economic_Review_(Occasional_Paper)--No_23,_April_2011+5_Monetary_Neutrality_in_the_Nepalese_Economy_during_1975-2008[Mukesh%20Khanal].pdf].

Suggested Citation

  • Mukesh Khanal, 2011. "Monetary Neutrality in the Nepalese Economy during 1975-2008," Working Papers id:4647, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:4647
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    References listed on IDEAS

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    1. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
    2. Nephil Matangi Maskay Ph.D. & Rajendra Pandit, 2010. "Interest Rate Pass-Through in Nepal," NRB Economic Review, Nepal Rastra Bank, Research Department, vol. 22, pages 1-18, April.
    3. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-438, July.
    4. Perron, Pierre & Rodriguez, Gabriel, 2003. "GLS detrending, efficient unit root tests and structural change," Journal of Econometrics, Elsevier, vol. 115(1), pages 1-27, July.
    5. anonymous, 2001. "Monetary policy report to the Congress, July 18, 2001," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Aug, pages 501-527.
    6. Ryuzo Miyao, 2004. "Use of Money Supply in the Conduct of Japan's Monetary Policy: Reexamining the Time Series Evidence," Discussion Paper Series 163, Research Institute for Economics & Business Administration, Kobe University.
    7. Cripps, Francis, 1977. "The Money Supply, Wages and Inflation," Cambridge Journal of Economics, Oxford University Press, vol. 1(1), pages 101-112, March.
    8. Jacobson, Tor & Jansson, Per & Vredin, Anders & Warne, Anders, 1999. "A VAR Model for Monetary Policy Analysis in a Small Open Economy," Working Paper Series 77, Sveriges Riksbank (Central Bank of Sweden).
    9. Lucas, Jr., Robert E., 1995. "Monetary Neutrality," Nobel Prize in Economics documents 1995-1, Nobel Prize Committee.
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