@workingpaper{Asongu2013bg,
title = {A note on the long-run neutrality of monetary policy: new empirics},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/032},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/A-note-on-the-long-term-neutrality-of-monetary-policy.pdf},
year = {2013},
date = {2013-09-01},
abstract = {Economic theory traditionally suggests that monetary policy can influence the
business cycle, but not the long-run potential output. Despite well documented theoretical and
empirical consensus on money neutrality in the literature, the role of money as an
informational variable for monetary policy decision has remained opened to debate with
empirical works providing mixed outcomes. This paper addresses two substantial challenges
to this debate: the neglect of developing countries in the literature and the use of new financial
dynamic fundamentals that broadly reflect monetary policy. The empirics are based on annual
data from 34 African countries for the period 1980 to 2010. Using a battery of tests for
integration and long-run equilibrium properties, results offer overall support for the traditional
economic theory.},
keywords = {Monetary policy; Credit; Empirics; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}