ANOTHER CONFORMATION OF MONEY NEUTRALITY

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JEBELAMELI FARKHONDEH; GOODARZI FARAHANI YAZDAN

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Journal: Journal of Economic Research and Policies Year:2014 | Volume:21 | Issue:68 Page(s): 109-138

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Title

ANOTHER CONFORMATION OF MONEY NEUTRALITY

Author(s)

JEBELAMELI FARKHONDEH | GOODARZI FARAHANI YAZDAN | Issue Writer Certificate

Keywords

LONG-RUN MONETARY NEUTRALITYQ2

KING AND WATSON METHODOLOGYQ2

SVARQ1

IRANQ2

Abstract

In this article we survey money neutrality in long-run according to king - Watson’s method (1997). For this purpose SVAR model with Money stock, Liquidity and GDP data during 1972-2010 have been used. The results show that the money neutrality and money definition doesn’t have relationship. Changes in the stock of money and liquidity does not affect the production and because the rate of money growth and Liquidity growth rate are zero-order integrated, discussion about long-term relationship would not be reasonable. So in order to increase the production in the economy, we must turn to supply side policies that increases labor productivity and efficiency and increases the production. Results also indicate that at 1% level of confidence, neutrality of long-run money could not be rejected. Under the constraints of short-run money neutrality, similarly the result doesn’t lead us to reject neutrality of long-run money. According to Lucas monetary misinterpretations theory (1972) it should be noted that production response to changes in money stock could be negative. This means that negative monetary shocks could cause that the Lucas long-run aggregate supply curve lose its verticality so negative monetary shocks have real effects in the short run.

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APA: Copy

JEBELAMELI, FARKHONDEH, & GOODARZI FARAHANI, YAZDAN. (2014). ANOTHER CONFORMATION OF MONEY NEUTRALITY. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 21(68), 109-138. SID. https://sid.ir/paper/89578/en

Vancouver: Copy

JEBELAMELI FARKHONDEH, GOODARZI FARAHANI YAZDAN. ANOTHER CONFORMATION OF MONEY NEUTRALITY. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2014;21(68):109-138. Available from: https://sid.ir/paper/89578/en

IEEE: Copy

FARKHONDEH JEBELAMELI, and YAZDAN GOODARZI FARAHANI, “ANOTHER CONFORMATION OF MONEY NEUTRALITY,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 21, no. 68, pp. 109–138, 2014, [Online]. Available: https://sid.ir/paper/89578/en

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