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

页码：25 / 44

页数：20

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