TESTING THE LONG RUN NEUTRALITY AND SUPER-NEUTRALITY OF MONEY IN IRAN

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KOMIJANI AKBAR; BAYAT SAIED; SOBHANIAN SEYED MOHAMMAD MAHDI

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Paper Information

Journal: Journal of Economic Studies and Policies Year:2013 | Volume:9 (19) | Issue:1 (96) Page(s): 3-16

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Title

TESTING THE LONG RUN NEUTRALITY AND SUPER-NEUTRALITY OF MONEY IN IRAN

Author(s)

KOMIJANI AKBAR | BAYAT SAIED | SOBHANIAN SEYED MOHAMMAD MAHDI | Issue Writer Certificate

Keywords

NEUTRALITYQ2

SUPER-NEUTRALITYQ2

MONETARY POLICYQ2

ECONOMIC GROWTHQ2

FISHER-SEATER METHODQ2

Abstract

Expansionary MONETARY POLICY for improving ECONOMIC GROWTH and financing budget deficit through oil revenues has caused continuous increase in money and liquidity. If money is neutral, it can be accepted that the above mentioned policies are only inflationary and don’t affect real variables.In this paper, using Iranian economic data since 1973 to 2009 and based on FISHER-SEATER METHOD, long run NEUTRALITY and super-NEUTRALITY of money were tested. Our results show that NEUTRALITY of money doesn’t depend on money definition such that both money and liquidity are neutral. Also, because money and liquidity growth are integrating with degree one (I) and don’t have long run trend, we cannot discuss about long run super-NEUTRALITY of money and liquidity based on FISHER-SEATER METHOD. So, we can conclude that expansionary MONETARY POLICY cannot increase output in long run and policymakers should focus on labor and capital productivity improvement for attaining sustainable ECONOMIC GROWTH.

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APA: Copy

KOMIJANI, AKBAR, BAYAT, SAIED, & SOBHANIAN, SEYED MOHAMMAD MAHDI. (2013). TESTING THE LONG RUN NEUTRALITY AND SUPER-NEUTRALITY OF MONEY IN IRAN. JOURNAL OF ECONOMIC STUDIES AND POLICIES, 9 (19)(1 (96)), 3-16. SID. https://sid.ir/paper/219043/en

Vancouver: Copy

KOMIJANI AKBAR, BAYAT SAIED, SOBHANIAN SEYED MOHAMMAD MAHDI. TESTING THE LONG RUN NEUTRALITY AND SUPER-NEUTRALITY OF MONEY IN IRAN. JOURNAL OF ECONOMIC STUDIES AND POLICIES[Internet]. 2013;9 (19)(1 (96)):3-16. Available from: https://sid.ir/paper/219043/en

IEEE: Copy

AKBAR KOMIJANI, SAIED BAYAT, and SEYED MOHAMMAD MAHDI SOBHANIAN, “TESTING THE LONG RUN NEUTRALITY AND SUPER-NEUTRALITY OF MONEY IN IRAN,” JOURNAL OF ECONOMIC STUDIES AND POLICIES, vol. 9 (19), no. 1 (96), pp. 3–16, 2013, [Online]. Available: https://sid.ir/paper/219043/en

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