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Monetary policy has remained one of the most fundamental topics in macroeconomics. From the beginning of macroeconomic history, various arguments have been given on the role of money in affecting the real economic activity but in this regard the evidence is inconclusive. A lot of empirical work has been done on the stance of monetary policy with a variety of approaches and still this process is continued. The present study aims to critically analyze some important studies for Pakistan concerning the money and income relationship. The analysis in the study reveals that almost all these studies on the issue suffer from some methodological problems and their findings do not decide conclusively whether money responds to economic activity or monetary policy does not supplement the process of output growth in a significant way. It is not easy to diagnose how differences in statistical procedures affect these results.

Faiz Bilquees, Tahir Mukhtar. (2015) Money and Income Relationship in Pakistan: A Critical Review, The Dialogue, Volume 10, Issue 4.
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