A little bit more evidence on the natural rate hypothesis from the U.K. |
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Authors: | Charles R Bean |
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Institution: | London School of Economics, London WC2A 2AE, UK |
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Abstract: | The evidence for the neutrality of anticipated changes in monetary policy in the U.K. over the period 1963Q1–1982Q1 is examined. Breaks in the stochastic process generating the money stock are used to identify the model. The results are generally unfavourable to the proposition that only unanticipated money matters. |
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