بررسي خنثي بودن و ابر خنثي بودن پول در اقتصاد ايران: مقايسه انباشته هاي پولي جمع ساده و دي ويسيا

Neutrality and Super-neutrality of money in Iranian Economy: Simple Sum and Divisia Monetary Aggregates Compared

There are two shortcomings to the current literature of investigating the neutrality and super-neutrality of money in Iran. First, their methodology lacks incorporation of the current developments in time series analysis. King and Watson (1997) have argued that the results obtained in this framework may be misleading. Second, they tend to use the simple sum aggregates to measure money stock in Iranian economy. The recent breakthroughs in the literature point to the weaknesses of such aggregates and suggest using more appropriate measures of money stock. This paper addresses these shortcomings in current empirical studies in Iran by employing the advanced methodology in testing neutrality and super- neutrality of money and also uses a Divisia Index as an appropriate measure of money stock in Iran. The results are in support of the neutrality of money in Iran in almost all of the various cases which were subject to test according to the employed methodology.