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Article: Testing long-run neutrality.
- Article from:
- Economic Quarterly
- Article date:
- June 22, 1997
- Author:
CopyrightCOPYRIGHT 1997 Federal Reserve Bank of Richmond. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Key classical macroeconomic hypotheses specify that permanent changes in nominal variables have no effect on real economic variables in the long run. The simplest "long-run neutrality" proposition specifies that a permanent change in the money stock has no long-run consequences for the level of real output. Other classical hypotheses specify that a permanent change in the rate of inflation has no long-run effect on unemployment (a vertical long-run Phillips curve) or real interest rates (the long-run Fisher relation). In this article we provide an econometric framework for studying these classical propositions and use the framework to investigate their relevance for the ...
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