Is there long-run money neutrality under different exchange rate regimes?

Jimmy RAN

Research output: Journal PublicationsJournal Article (refereed)peer-review

1 Citation (Scopus)


This paper tests the long-run money neutrality across different exchange rate regimes, empirically extending the concept of M. E. Fisher and J. J. Seater. Strong evidence shows the non-neutrality of two forms of money for the Hong Kong economy across the two regimes. While the Hong Kong M1 is marginally non-neutral under the float, it is clearly not neutral afterwards. The M2 is non-neutral both before and after the linked exchange rate.
Original languageEnglish
Pages (from-to)361-370
Number of pages10
JournalPacific Economic Review
Issue number3
Publication statusPublished - 1 Oct 2005

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