Money-output Granger causality revisited : An empirical analysis of EU countries

  title={Money-output Granger causality revisited : An empirical analysis of EU countries},
  author={Bernd Hayo},
In this paper, the evidence collected in the large literature on testing for Granger-causality from money to output is revisited. Using a broad data base of 14 EU-countries plus Canada, the US and Japan, and quarterly data from the mid 60s to the mid 90s, a number of hypotheses from this literature is evaluated. It is found that very few general conclusions can be sustained. For instance, in most countries it is not the case that the use of data in levels creates a bias in favour of finding… CONTINUE READING

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