This paper is an empirical investigation of the effects of anticipated and unanticipated monetary policies on real output for 13 LDCs in Latin and Central America. The well-know Mishkin econometric procedure is applied to the annual IMF date for the decomposition of actual money growth into anticipated and unanticipated components and the evidence of significant relation between anticipated money supply and real output for each country is reported. The results derived in this paper thus provide additional empirical support for the validity of the ‘non-classical rational expectations’ macro models of Fisher, and Phelps and Taylor.