This paper compares sample fluctuations of the US business cycle with those predicted by a class of equilibrium monetary business cycle models. The predictions of the models are generated using the longrun neutrality restrictions implicit in the models. By imposing these restrictions on sample data, tests of the ability of the models to replicate the dynamics of the US business cycle are constructed. Although the predictions of the models for real side variables are rejected, there is evidence that the nominal side predictions of the models are not rejected.