Informace o publikaci
The Long-Run Superneutrality of Money Revised: the Extended European Evidence
| Autoři | |
|---|---|
| Rok publikování | 2016 |
| Druh | Článek v odborném periodiku |
| Časopis / Zdroj | Review of Economic Perspectives - Národohospodářský obzor |
| Fakulta / Pracoviště MU | |
| Citace | |
| Doi | http://dx.doi.org/10.1515/revecp-2016-0012 |
| Obor | Řízení, správa a administrativa |
| Klíčová slova | endogenous growth theories; superneutrality; SVAR |
| Popis | 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 long-run 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. |
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