Working Paper
Anomalous empirical evidence on money long-run super-neutrality and the vertical long-run Phillips curve
Money long-run super-neutrality and the vertical long-run Phillips curve are two widely shared beliefs in the economics profession and among economic policy-makers. The present survey is devoted to anomalous empirical evidence which challenges this view. We consider a variety of studies, differing in terms of models, estimation strategies, and countries analyzed. We conclude with a brief discussion of some future possible developments of the literature.
Key Words
- empirical evidence
- long-run
- money non-super-neutrality
- non-vertical Phillips curve