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  • 标题:The Long-Run Superneutrality of Money Revised: the Extended European Evidence
  • 本地全文:下载
  • 作者:Oleg Deev ; Martin Hodula
  • 期刊名称:Review of Economic Perspectives
  • 印刷版ISSN:1213-2446
  • 电子版ISSN:1804-1663
  • 出版年度:2016
  • 卷号:16
  • 期号:3
  • 页码:187-203
  • DOI:10.1515/revecp-2016-0012
  • 出版社:Walter de Gruyter GmbH
  • 摘要:

    This article investigates the validity of the money superneutrality concept for the large panel of European economies. While focusing exclusively on endogenous growth theories including the Mundell-Tobin effect, we examine the long-run response of real output to a permanent inflation shock in every studied country using a structural vector autoregressive framework. For the majority of countries in our sample, the longrun superneutrality concept is confirmed since the original increase/decrease in output growth fades in time. We also test the additional hypothesis of whether the group of countries with smaller in-sample inflation mean forms the exception to the long-run money superneutrality. As the result, modern economies might be better described from the viewpoint of Sidrauski.

  • 关键词:endogenous growth theories ; superneutrality ; SVAR
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