Date: 2011
Type: Article
Does money matter in shaping domestic business cycles? : an international investigation
Journal of money, credit and banking, 2011, Vol. 43, No. 4, pp. 577-607
CANOVA, Fabio, MENZ, Tobias, Does money matter in shaping domestic business cycles? : an international investigation, Journal of money, credit and banking, 2011, Vol. 43, No. 4, pp. 577-607
- https://hdl.handle.net/1814/36636
Retrieved from Cadmus, EUI Research Repository
We study the contribution of money to business-cycle fluctuations in the United States, the United Kingdom, Japan, and the euro area using a small-scale structural monetary business cycle model. Constrained likelihood-based estimates of the parameters are provided and time instabilities analyzed. Real balances are statistically important for output and inflation fluctuations. Their contribution changes over time. Models giving money no role provide a distorted representation of the sources of cyclical fluctuations, of the transmission of shocks, and of the events of the last 40 years.
Additional information:
First published online: 18 May 2011
Cadmus permanent link: https://hdl.handle.net/1814/36636
Full-text via DOI: 10.1111/j.1538-4616.2011.00388.x
ISSN: 0022-2879; 1538-4616
Files associated with this item
Files | Size | Format | View |
---|---|---|---|
There are no files associated with this item. |