文章基本信息

标题：Is monetary policy really neutral in the long-run? Evidence for some emerging and developed economies
本地全文：下载
作者：Reginaldo Pinto Nogueira Jr.
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2009
卷号：29
期号：3
页码：2432-2437
出版社：Economics Bulletin
摘要：The traditional economic theory suggests that changes in the money supply or in the interest rates can influence the business cycle, but not the long-run potential output. In other words, monetary policy is neutral over the long-run. In this paper we use some new developments in econometrics to test for the existence of a long-run relationship between the monetary policy instrument used by most Central Banks -short-term interest rates -and real output. Using annual data for 14 emerging and developed countries our results offer overall support for the traditional economic theory