Naslov
The relation between money and real economic activity in Croatia

Autori
Belullo, Alen

Izvornik
Zagreb journal of economics (1331-4599) 3 (1999), 4; 85-121

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
neutrality of money ; VAR ; VECM ; Kalman filter

Sažetak
This article tests the long-run and the short- run effects on an exogenous change in the money supply (M0, M1, and M2) on the real economic activity (GDP, industrial production, and retail trade turnover) in Croatia over the period of 1994:6 to 1999:1. For the long-run analysis it was employed the Johansen's cointegration analysis, and for the short-run it was used vector autoregressive models and vector error correction models. Moreover, it was tested three asymmetries regarding the effects of change of money supply on the real economic activity: the asymmetry between positive and negative money shocks, asymmetry between anticipated and unanticipated money shocks, and asymmetry between inside and outside money. All tests unanimous lead to a conclusion that there is no evidence of long-run or short-run effect of a change in the money supply on the real economic activity, as well as no evidence of above asymmetries in Croatia in the analyzed period.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA