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Money and Income: A Changing Relationship


  • Monadjemi, M.S.


The effect of money on output has been changing during the past two decades. This paper attempts to examine the money-income relationship in Australia and the United States during the period of the 1960s-1990s as well as the 1960s-1970s. The empirical findings of the study, based on variance decomposition and impulse response functions show a weak long-run relationship between money and income for both countries when the sample period includes the decades of the 1980s and 1990s. This result may indicate temporary short-run changes in the relationship between money and income. However, over a long period of time money has a neutral effect on output.

Suggested Citation

  • Monadjemi, M.S., 1998. "Money and Income: A Changing Relationship," Papers 98-15, New South Wales - School of Economics.
  • Handle: RePEc:fth:nesowa:98-15

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    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions


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