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All Journal Economic Journal of Emerging Markets Optimum : Jurnal Ekonomi dan Pembangunan Trikonomika: Jurnal Ekonomi Journal of Economics, Business, & Accountancy Ventura EKO-REGIONAL JURNAL PENGEMBANGAN EKONOMI WILAYAH Jurnal Masyarakat Madani Indonesia Economic Development Analysis Journal
Arintoko Arintoko
Universitas Jenderal Soedirman
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Public Health Social Sciences

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Journal : Economic Journal of Emerging Markets

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IS LONG-RUN MONETARY NEUTRAL? EVIDENCE FROM INDONESIA Arintoko Arintoko
Economic Journal of Emerging Markets Volume 1 Issue 3, 2009
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v1i3.6422

Abstract

This paper examines the long-run monetary neutrality in Indonesia, mainly using annual time-series during 1970-2007. It uses Fisher-Seater methodology to analyze the research problems. Particular attention is given to integration, exogeneity, and cointegration properties of the money stock and real output. Unit-root, causality, and cointegration tests are used to identify these properties. The empirical results provide evidence to reject the long-run neutrality of money (both M1 and M2) with respect to real GDP, showing that it is inconsistent with the classical and neoclassical economics. In particular, government injections of money have long-run positive effect on real output in macroeconomy.
Co-Authors Adhisty Mohammad Khariza Arief Fajar Firmansyah DIJAN RAHAJUNI Lilis Siti Badriah Ratri Noorhidayah Suharno Suharno Supadi Supadi Suprapto Suprapto