Using two simple stochastic growth models that nest both exogenous and endogenous growth, this paper shows that money should not be neutral in the long run if it is not neutral in the short run and if growth is endogenous. By contrast, if growth is exogenous, money should be neutral in the long...

A method for using panel data to evaluate growth theories is formulated. This method enables endogenous growth models predicting that countries have different trend growth rates to be tested against exogenous growth models predicting that countries have parallel growth paths. This method is...

Using two simple stochastic growth models that nest both exogenous and endogenous growth, this paper shows that money should not be neutral in the long run if it is not neutral in the short run and if growth is endogenous. By contrast, if growth is exogenous, money should be neutral in the long...

Wald and Lagrange Multiplier (LM) tests can be based on three commonly used estimators of the information matrix : the expectation of the Hessian matric, the Hessian matrix without the expectation operator or the outer product (OP) matrix of the score vectors. Although the Wald and LM tests are...

A method for using panel data to evaluate growth theories is formulated. This method enables endogenous growth models predicting that countries have different trend growth rates to be tested against exogenous growth models predicting that countries have parallel growth paths. This method is...