Empirical Evidence on Nominal Wage and Price Flexibility
在弱约束框架下检验货币中性的必要条件，通过识别货币冲击的影响效应并检验系统是否维持中性，发现M1和基础货币均不满足中性条件。
This paper tests a necessary condition for the neutrality of money in a framework that imposes only weak restrictions on the money supply process. It extends Bernanke's [1986] work by weakening the set of just-identifying restrictions and by providing a statistical test of the overidentifying restrictions. Instead of specifying a structural model to identify primitive shocks, I deduce the impact effects of structural money shocks under the neutrality hypothesis and then test whether the system maintains neutrality as it propagates these impact effects. The tests reject neutrality for both the M1 and the monetary base.