TY  - JOUR
AU  - Boschen,John F.
AU  - Grossman,Herschel I.
TI  - Monetary Information and Macroeconomic Fluctuations
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 498
PY  - 1984
Y2  - October 1984
UR  - http://www.nber.org/papers/w0498
L1  - http://www.nber.org/papers/w0498.pdf
N1  - Author contact info:
John Boschen
E-Mail: john.boschen@business.wm.edu

Herschel Grossman
Department of Economics
Box B
Brown University
Providence, RI  02912
Tel: 401/863-2606
Fax: 401/863-1970
AB  - This paper introduces contemporaneously available monetary data into an "equilibrium" model that combines rational expectations, market clearing, and incomplete information about monetary disturbances. Data on the current money stock involve a preliminary estimate that is subject to a subsequent process of gradual revision. The model implies the testable hypothesis that aggregate output and employment are uncorrelated with the contemporaneous measure of money growth implied by the difference between the currently available estimates of current and past money shocks. Rejection of this hypothesis provides strong evidence again at the equilibriums approach to modeling the relation between monetary disturbances and macro-economic fluctuations.
ER  -