Mishkin's 1982 paper is one of the most widely cited papers in empirical macroeconomics. His finding that anticipated money growth is not neutral in the US casts doubt on the policy ineffectiveness proposition. However, recent advances in econometrics suggest that Mishkin's model may be misspecified, thus raising questions concerning his findings. Given the influence of Mishkin's paper, we examine his model for specification problems and find several. However, we find that Mishkin's conclusions concerning money neutrality are robust for a number of alternative specifications and for an extended time period. © 1995.