Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152868
Authors: 
Aksoy, Yunus
León-Ledesma, Miguel A.
Year of Publication: 
2005
Series/Report no.: 
ECB Working Paper 434
Abstract: 
In this paper we argue that both statistics and economic theory-based evidence largely indicate the absence of long run relationships between the real output and the most relevant monetary indicator for the U.K. and the U.S, short term interest rates. These findings are not only a full sample result, but also valid in most of the sub-samples throughout the second half of the 20th century and are robust to the inclusion of possible omitted real variables.
Subjects: 
bounds tests
cointegration
information value
long term relationship
JEL: 
E3
E4
E5
Document Type: 
Working Paper

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