caa a22 4500 467896011 CHVBK 20180406152804.0 cr unu---uuuuu 170328e20060301xx s 000 0 eng 10.1007/s00181-005-0038-1 doi (NATIONALLICENCE)springer-10.1007/s00181-005-0038-1 A bootstrap-corrected causality test: another look at the money-income relationship [Elektronische Daten] [Abdulnasser Hatemi-J, Manuchehr Irandoust] Previous studies of the causal relationship between money supply and real output are based on asymptotic distributions. If the assumption of normality is not fulfilled and if ARCH effects are present, asymptotic distributions perform inaccurately. In this paper, we reinvestigate the potential causal relationship between money and output by applying an alternative methodology based on the leveraged bootstrapped simulation techniques using data from Denmark, Japan, Sweden, and the US. We find unidirectional causality from money to output for the sample countries except for Sweden for which causality is bi-directional. This finding of unidirectional causality between money and output supports monetary business-cycle models and reveals one important policy implication—that is, in looking for the sources of output fluctuations, money might be a major factor. Springer-Verlag, 2006 Money supply nationallicence Output growth nationallicence Granger causality nationallicence Leveraged bootstrap simulation nationallicence Hatemi-J Abdulnasser Department of Economics, University of Skövde, P.O. Box 408, SE-541 28, Skövde, Sweden aut Irandoust Manuchehr Department of Economics, University of Örebro, SE-701 82, Örebro, Sweden aut Empirical Economics Springer-Verlag 31/1(2006-03-01), 207-216 0377-7332 31:1<207 2006 31 181 https://doi.org/10.1007/s00181-005-0038-1 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s00181-005-0038-1 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Hatemi-J Abdulnasser Department of Economics, University of Skövde, P.O. Box 408, SE-541 28, Skövde, Sweden aut NATIONALLICENCE 700 1- Irandoust Manuchehr Department of Economics, University of Örebro, SE-701 82, Örebro, Sweden aut NATIONALLICENCE 773 0- Empirical Economics Springer-Verlag 31/1(2006-03-01), 207-216 0377-7332 31:1<207 2006 31 181 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer