통화의 장기 중립성에 관한 연구

Long-run Neutrality in Korea

The objective in this paper is to investigate Issues of long-run neutrality and long-run superneutrality for Korea using Fisher and Seater (1993) model and to analyze effectiveness of money as an information variable under the Korean monetary policy framework. It is found that money is long-run neutral and that the long-run superneutrality of the narrowly defined money can not be rejected. However, broader-based measures of the money stock such as M3 are not long-run superneutral. This finding suggests that money is long-run neutral within the Fisher and Seater (1993) framework. Also, the introduction of dummy variables to capture recent extraperiod, the Korean financial crisis, does not change the findings. Thus, since the money stocks have proportional relationships to both price and nominal output from the long-run viewpoint, long-run effectiveness of monetary index, which a role as policy index recently weakened, has been remained.