Shelley, Gary L.; Wallace, Frederick H. - EconWPA - 2004
This paper tests for long run effects of money on real expenditures in the U.S. over the 1959-2002 period. Real … consumption and investment expenditures, as well as their broadly defined components, are examined. We also test for effects of … money on long run reallocations of consumption expenditures among durables, nondurables, and services. The time series …