TESTS OF LONG-RUN NEUTRALITY USING PERMANENT MONETARY AND REAL SHOCKS

• 成果类型: Article
• 署名作者: BOSCHEN, JF; MILLS, LO
• 署名单位: Federal National Mortgage Association (Fannie Mae)
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(94)01185-D
• 发表日期: 1995
• 页码: 25-44
• 关键词: MONETARY NEUTRALITY; MONEY AND OUTPUT; LABOR SUPPLY SHOCKS

摘要

We present tests of long-run monetary neutrality using an empirical framework that allows for the effects of real shocks on the long-run behavior of both output and monetary aggregates. Our findings support long-run monetary neutrality as a feature of the post World War II U.S, economy. We further find that permanent innovations in labor supply, as measured by working-age population, are a principal factor in the long-run movements in U.S, output and monetary aggregates.