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The Long-Run Superneutrality of Money Revised: the Extended European Evidence

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DEEV Oleg HODULA Martin

Rok publikování 2016
Druh Článek v odborném periodiku
Časopis / Zdroj Review of Economic Perspectives - Národohospodářský obzor
Fakulta / Pracoviště MU

Ekonomicko-správní fakulta

Citace
Doi http://dx.doi.org/10.1515/revecp-2016-0012
Obor Řízení, správa a administrativa
Klíčová slova endogenous growth theories; superneutrality; SVAR
Popis This article investigates the validity of the money superneutrality concept for the large panel of European economies. While focusing exclusively on endogenous growth theories including the Mundell-Tobin effect, we examine the long-run response of real output to a permanent inflation shock in every studied country using a structural vector autoregressive framework. For the majority of countries in our sample, the long-run superneutrality concept is confirmed since the original increase/decrease in output growth fades in time. We also test the additional hypothesis of whether the group of countries with smaller in-sample inflation mean forms the exception to the long-run money superneutrality. As the result, modern economies might be better described from the viewpoint of Sidrauski.
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