Öppna denna publikation i ny flik eller fönster >>2006 (Engelska)Ingår i: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 31, nr 1, s. 207-216Artikel i tidskrift (Refereegranskat) Published
Abstract [en]
Previous studies of the causal relationship between money supply and real output are based on asymptotic distributions. If the assumption of normality is not fulfilled and if ARCH effects are present, asymptotic distributions perform inaccurately. In this paper, we reinvestigate the potential causal relationship between money and output by applying an alternative methodology based on the leveraged bootstrapped simulation techniques using data from Denmark, Japan, Sweden, and the US. We find unidirectional causality from money to output for the sample countries except for Sweden for which causality is bi-directional. This finding of unidirectional causality between money and output supports monetary business-cycle models and reveals one important policy implication—that is, in looking for the sources of output fluctuations, money might be a major factor.
Ort, förlag, år, upplaga, sidor
Springer, 2006
Nationell ämneskategori
Samhällsvetenskap
Forskningsämne
Humaniora-samhällsvetenskap
Identifikatorer
urn:nbn:se:his:diva-1837 (URN)10.1007/s00181-005-0038-1 (DOI)000236642500013 ()2-s2.0-33645523110 (Scopus ID)
2007-09-072007-09-072017-12-12Bibliografiskt granskad