New evidence on long-run monetary neutrality

  1. Cuñado Eizaguirre, Juncal
  2. Gil Alaña, Luis Alberiko
  3. Pérez de Gracia, F.
Zeitschrift:
Notas técnicas: [continuación de Documentos de Trabajo FUNCAS]

ISSN: 1988-8767

Datum der Publikation: 2007

Nummer: 324

Art: Arbeitsdokument

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Zusammenfassung

This paper re-examines the issue of long-run monetary neutrality by using fractional integration and allowing for possible structural breaks in six countries. We use an extension of Fisher and Seater¿s (1993) reduced-form test recently proposed by Bae et al. (2005). The results show that long-run monetary neutrality holds for five countries when no structural breaks are taken into account, and for all countries if one break is allowed.

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