Testing long-run neutrality. From: Economic Quarterly | Date: June 22, 1997| Author: Watson, Mark W. | COPYRIGHT 1997 Federal Reserve Bank of Richmond. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

Propositions about long-run neutrality are at the heart of macroeconomics. In the 1970s, Lucas and Sargent criticized traditional neutrality tests, suggesting that longrun propositions could not be tested without a detailed structural model. Yet, when nominal variables are integrated, long-run neutrality can be tested with limited structural information. Using a suitable econometric framework, we provide empirical tests of four long-run propositions: the neutrality of money, the superneutrali...

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