Structural and stochastic neutrality have refutable implications for aggregate economic time series only in conjunction with other maintained hypotheses. Simple and commonly employed maintained hypotheses lead to restrictions on measures of feedback and their decomposition by frequency. These restrictions also suggest an empirical interpretation of the notional long and short runs. It is found that a century of annual U.S. data, and postwar monthly data, consistently support structural superneutrality of money with respect to output and the real rate of return and consistently reject its superneutrality with respect to velocity. A quantitative characterization of the long run is suggested.
MLA
Geweke, John. “The Superneutrality of Money in the United States: An Interpretation of the Evidence.” Econometrica, vol. 54, .no 1, Econometric Society, 1986, pp. 1-22, https://www.jstor.org/stable/1914154
Chicago
Geweke, John. “The Superneutrality of Money in the United States: An Interpretation of the Evidence.” Econometrica, 54, .no 1, (Econometric Society: 1986), 1-22. https://www.jstor.org/stable/1914154
APA
Geweke, J. (1986). The Superneutrality of Money in the United States: An Interpretation of the Evidence. Econometrica, 54(1), 1-22. https://www.jstor.org/stable/1914154
The Executive Committee of the Econometric Society has approved an increase in the submission fees for papers in Econometrica. Starting January 1, 2025, the fee for new submissions to Econometrica will be US$125 for regular members and US$50 for student members.
By clicking the "Accept" button or continuing to browse our site, you agree to first-party and session-only cookies being stored on your device. Cookies are used to optimize your experience and anonymously analyze website performance and traffic.