Growth and the neutrality of money

descriptionPublicationkeyboard_double_arrow_right Article , Part of book or chapter of book 01 Jan 1996 English Publisher:Springer Science and Business Media LLCJournal:Empirical Economics, volume 21, pages 187-202 (issn: 0377-7332, eissn: 1435-8921,

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Authors: Paul Evans;

doi: 10.1007/bf01205499 , 10.1007/978-3-642-61211-4_9

Growth and the neutrality of money

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Abstract

Using two simple stochastic growth models that nest both exogenous and endogenous growth, this paper shows that money should not be neutral in the long run if it is not neutral in the short run and if growth is endogenous. By contrast, if growth is exogenous, money should be neutral in the long run. The paper also tests whether money is neutral in the long run, finding no contrary evidence. Given that money is not neutral in the short run, this finding indicates that exogenous growth cannot be rejected in favor of endogenous growth.

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