Monetary aggregation and the neutrality of money

This article tests the long-run neutrality of money proposition using quart erly U.S. data over the period from 1960:1 to 1996:2 and the methodology su ggested by King and Watson (1997), paying particular attention to the integ ration and cointegration properties of the variables. Comparisons are made among simple sum, Divisia, and currency equivalent (CE) monetary aggregates using the Anderson et al. (1997a, 1997b) series of Divisia and CE monetary aggregates.