We use Backus and Kehoe (1992) long, low frequency data on real GNP/GDP and money for Australia, Canada, Denmark, Germany, Italy, Japan, Norway, Sweden, the United Kingdom and the Uniter States to examine the long-run neutrality and superneutrality of money propositions. In doing so, we apply...

This paper considers a nonborrowed monetary base VAR and a target and instrument framework favored by the monetarists to resolve the puzzle thrownup by monetary VAR studies.