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The Long-Run Superneutrality of Money Revised: the Extended European Evidence

Review of economic perspectives, 2016-09, Vol.16 (3), p.187-203 [Peer Reviewed Journal]

Copyright De Gruyter Open Sp. z o.o. 2016 ;ISSN: 1804-1663 ;ISSN: 1213-2446 ;EISSN: 1804-1663 ;DOI: 10.1515/revecp-2016-0012

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  • Title:
    The Long-Run Superneutrality of Money Revised: the Extended European Evidence
  • Author: Deev, Oleg ; Hodula, Martin
  • Subjects: Central banks ; Economic models ; Economic statistics ; Economic theory ; Economics ; endogenous growth theories ; Inflation ; Interest rates ; Macroeconomics ; Monetary policy ; Phillips curve ; Quantity theory of money ; Studies ; superneutrality ; SVAR
  • Is Part Of: Review of economic perspectives, 2016-09, Vol.16 (3), p.187-203
  • Description: 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.
  • Publisher: Warsaw: De Gruyter
  • Language: English;Czech
  • Identifier: ISSN: 1804-1663
    ISSN: 1213-2446
    EISSN: 1804-1663
    DOI: 10.1515/revecp-2016-0012
  • Source: Alma/SFX Local Collection
    De Gruyter Open Access Journals
    ProQuest Central
    DOAJ Directory of Open Access Journals
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