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long-term coefficient of 0.185 was found, while a value of 0.239 was obtained for
the short-term. Although the coefficients expose a low value, they are not
negligible. In brief, for the case of Mexico during the period under analysis, the
results do not confirm the basic tenets pertaining to the neutrality of money.
As a result, empirical results for the Mexican economy do not endorse the
neutrality of money, particularly in the short-term. Hence, monetary policy could
have a moderate incidence in real output, as it could have a degree of positive
incidence, allowing for a modest accommodating monetary policy by means of
expanding the supply of M1 and M2.