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Abstract

In this paper we follow Enders and Falks' approach for testing the hyPothesis that only unanticipated monetary policy affects real supply decisions in the U.S. livestock sector. Our empirical results indicate that their conclusions are not invariant to model specification or sample size. Utilizing Barro's procedure and by better accounting for the appropriate biological lags in livestock supply, we obtain only scant support for the money neutrality hypothesis.

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