Testes de exogeneidade da moeda para a economia brasileira

Abstract

This article shows that causality tests can not be used to prove exogeneity of variables. Following Engle, Hendry and Richard (19831, concept of weak and strong exogeneity is presented. Exogeneity tests are derived and these tests are applied to the aggregate demand equation of Barbosa's model. The result of the test imply that money is exogenous for inflation during the period 1960/83.