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Long-run neutrality and superneutrality of money in South American economies

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  • Robert Hiscock
  • Jagdish Handa
Abstract
This article tests long-run money neutrality and superneutrality for all South American economies from 1960 to 2009. Several of these economies have experienced bouts of hyperinflation. The tests, done for M1 and M2 , utilize Fisher and Seater's (1993) procedure. Money neutrality could not be rejected for both monetary aggregates for Brazil, Chile, Colombia, Guyana, Suriname, Uruguay and Venezuela, but was rejected for Argentina, Bolivia, Ecuador, Paraguay and Peru. Of the countries for which superneutrality could be tested, it was not rejected for both monetary aggregates for Bolivia, Brazil, Chile and for M2 for Colombia, Guyana, and Uruguay, but was rejected for Argentina and Peru.

Suggested Citation

  • Robert Hiscock & Jagdish Handa, 2013. "Long-run neutrality and superneutrality of money in South American economies," Applied Financial Economics, Taylor & Francis Journals, vol. 23(9), pages 739-747, May.
    • Handle: RePEc:taf:apfiec:v:23:y:2013:i:9:p:739-747
    DOI: 10.1080/09603107.2012.744132
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    References listed on IDEAS

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    1. Marco A. Espinosa-Vega & Steven Russell, 1998. "The long-run real effects of monetary policy: Keynesian predictions from a neoclassical model," FRB Atlanta Working Paper 98-6, Federal Reserve Bank of Atlanta.
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