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- W3123170023 abstract "Abstract Christiano and Ljungqvist (1988) find a statistically significant Granger-causal relation between money and output when data are measured in log levels, but not when they use data in log differences. To resolve this puzzle, we develop an endogenous growth model with money to study the long-run interactions between real and monetary sectors. Money is regarded as a Hicks-neutral technological factor that improves the efficiency of goods production. We examine the effects of anticipated inflation on the growth rates of real macroeconomic variables and find that money is “superneutral” in the growth rate sense." @default.
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- W3123170023 date "1991-01-01" @default.
- W3123170023 modified "2023-09-27" @default.
- W3123170023 title "Examining the Long-Run Effect of Money on Economic Growth" @default.
- W3123170023 hasPublicationYear "1991" @default.
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