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Monetary aggregation and the neutrality of money
Author(s) -
Serletis A,
Koustas Z
Publication year - 2001
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1111/j.1465-7295.2001.tb00055.x
Subject(s) - divisia index , divisia monetary aggregates index , economics , cointegration , currency , neutrality , monetary policy , keynesian economics , monetary economics , demand deposit , watson , demand for money , econometrics , quantitative easing , central bank , mathematics , statistics , philosophy , epistemology , natural language processing , computer science , energy (signal processing) , energy intensity
This article tests the long‐run neutrality of money proposition using quarterly U.S. data over the period from 1960:1 to 1996:2 and the methodology suggested by King and Watson (1997), paying particular attention to the integration and cointegration properties of the variables. Comparisons are made among simple sum, Divisia, and currency equivalent (CE) monetary aggregates using the Anderson et al. (1997a, 1997b) series of Divisia and CE monetary aggregates.