出版社：Bank of Japan, Institute for Monetary and Economic Studies
摘要：This paper comprehensively investigates long-run monetary neutrality in Japan , with due consideration to the order of integration of the money stock and real output, mainly using long-term time-series data retroactively available from the Meiji Period (1868?1912). The empirical results indicate little evidence against the long-run neutrality of money (especially defined as M2) with respect to real GNP. In addition, such findings are robust to a wide range of identifying assumptions.
