Is there long-run money neutrality under different exchange rate regimes?
Pacific Economic Review
This paper tests the long-run money neutrality across different exchange rate regimes, empirically extending the concept of M. E. Fisher and J. J. Seater. Strong evidence shows the non-neutrality of two forms of money for the Hong Kong economy across the two regimes. While the Hong Kong M1 is marginally non-neutral under the float, it is clearly not neutral afterwards. The M2 is non-neutral both before and after the linked exchange rate.
Copyright © 2005 Blackwell Publishing Ltd
Access to external full text or publisher's version may require subscription.
Ran, J. (2005). Is there long-run money neutrality under different exchange rate regimes? Pacific Economic Review, 10(3), 361-370. doi: 10.1111/j.1468-0106.2005.00278.x