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| Title: | DOES MONEY STILL MATTER? |
| Authors: | Peterson, Willis L. |
| Issue Date: | 1997 |
| Series/Report no.: | Staff Paper P97-01 |
| Abstract: | Money is broadly defined to include M2 plus large denomination time deposits and deposits in savings institutions. Splitting M2+ into two components, M1 and the remainder, MD, each was found to bear a stable relationship to GDP over the 1929-94 period. An economic test of the causality question reveals that it runs from money to economic activity. Lastly, the evidence attests to the short-run non-neutrality of money on unemployment, and to the stabilizing influence of the private sector on the economy. |
| URI: | http://purl.umn.edu/14122 |
| Institution/Association: | University of Minnesota>Department of Applied Economics>Staff Papers |
| Total Pages: | 19 |
| Language: | English |
| Collections: | Staff Papers
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