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

被引：37
|
作者：
BOSCHEN, JF [1 ]
MILLS, LO [1 ]
机构：
[1] FED NATL MORTGAGE ASSOC,WASHINGTON,DC 20016
来源：
JOURNAL OF MONETARY ECONOMICS | 1995年 / 35卷 / 01期
关键词：
MONETARY NEUTRALITY; MONEY AND OUTPUT; LABOR SUPPLY SHOCKS;
D O I：
10.1016/0304-3932(94)01185-D
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
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.
引用
收藏
页码：25 / 44
页数：20
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