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What is Causality in Money-Income Dynamics about?

This study investigates the causal relationship between money and income, testing the hypothesis that causality runs unidirectionally from money to income using postwar U.S. data. The findings support the notion that money influences income, while the reverse is not supported, challenging the validity of treating distributed lag regressions of income on money as causal. The paper also discusses the implications of these results for economic theory and monetary policy.

Author

Santiago Luque Ochoa

Language

EN