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In consequence, whether M1 or M2 are being considered, their effect in real
output, though inelastic, is positive and different from zero. In the short-term, the
coefficients show a larger value both in the case of M1 and M2
It is in the long-
term where the value of their coefficients are within the range slightly below 0.20.
Therefore, if the monetary authorities were in a position to allow an expansion of
the money supply, a positive effect in real output would ensue. Considering that
25
Specifically, slightly above 0.30 for M1 and almost 0.24 for M2.