Abstract
We use the Backus and Kehoe ( American Economic Review, 1992, 82, 864–888) long, low-frequency data on real GNP/GDP, prices, and money for Australia, Canada, Denmark, Germany, Italy, Japan, Norway, Sweden, the United Kingdom and the United States to examine the long-run neutrality proposition. In doing so, we apply the Fisher and Seater ( American Economic Review, 1993, 83, 402–415) non-structural methodology, paying explicit attention to the univariate time-series properties of the variables. We conclude that the data are generally supportive of the quantity-theoretic proposition that money is long-run neutral.
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