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On the Non-Neutrality of Money: Evidence from the 1990s

Petr Duczynski
2004 Prague Economic Papers  
The paper examines the cross-country relations between nominal money and real output between 1990 and 2000. Both high money growth rates and declines in money are connected with below-average output growth rates. The association between the monetary base and real output is weaker than between M1 (or M2) and real output. I observe no tendency of money changes to precede output changes.
doi:10.18267/j.pep.230 fatcat:axsra5xu7bba5omva4xowu4idm