SECTORAL MONEY SUPPLY EFFECTS IN UKRAINE
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This paper examines the effects of anticipated and unanticipated money supply shocks over the 1999─2013 period across several sectors of the Ukraine’s economy. It is found that the anticipated money supply shock contributes to output growth in agriculture, food processing and machine-building industries, with no impact for the steel industry. Unanticipated money shock is expansionary for the machine-building industry, while being restrictionary for agriculture. In general, our results reject the Monetary Neutrality Hypothesis (MNH).
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