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1995•Applied Economics LettersRequires access

Testing long-run neutrality of money: evidence from the UK

Dimitrios Malliaropulos

Open publisher page 6 citations

Abstract

The paper presents empirical evidence on the long-run neutrality of monetary policy in the UK based on the methodology developed by Fisher and Seater. Money is found to be long-run neutral with respect to real GDP and real equity prices. However, in the short to medium term permanent positive shocks to money supply seem to be positively correlated with real GDP and negatively correlated with real equity prices.

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What this paper is about

The paper presents empirical evidence on the long-run neutrality of monetary policy in the UK based on the methodology developed by Fisher and Seater. Money is found to be long-run neutral with respect to real GDP and real equity prices. However, in the short to medium term permanent positive shocks to money supply seem to be positively correlated with real GDP and negatively correlated with real equity prices.

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OpenAlex reports 6 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

The paper presents empirical evidence on the long-run neutrality of monetary policy in the UK based on the methodology developed by Fisher and Seater. Money is found to be long-run neutral with respect to real GDP and real equity prices. However, in the short to medium term permanent positive shocks to money supply seem to be positively correlated with real GDP and negatively correlated with real equity prices.

Key concepts: Economics, Neutrality, Equity (law), Money supply, Monetary economics, Real gross domestic product, Empirical evidence, Monetary policy

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