نوع مقاله : مقاله پژوهشی
عنوان مقاله English
نویسندگان English
Expansionary monetary policy for improving economic growth and financing budget deficit through oil revenues has caused continuous increase in money and liquidity. If money is neutral, it can be accepted that the above mentioned policies are only inflationary and don’t affect real variables.
In this paper, using Iranian economic data since 1973 to 2009 and based on Fisher-Seater method, long run neutrality and super-neutrality of money were tested. Our results show that neutrality of money doesn’t depend on money definition such that both money and liquidity are neutral. Also, because money and liquidity growth are integrating with degree one (I) and don’t have long run trend, we cannot discuss about long run super-neutrality of money and liquidity based on Fisher-Seater method. So, we can conclude that expansionary monetary policy cannot increase output in long run and policymakers should focus on labor and capital productivity improvement for attaining sustainable economic growth.
کلیدواژهها English
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