Money's Role in the Monetary Business CyclePeter N. Ireland
NBER Working Paper No. 8115 A small, structural model of the monetary business cycle implies that real money balances enter into a correctly-specified, forward-looking IS curve if and only if they enter into a correctly-specified, forward-looking Phillips curve. The model also implies that empirical measures of real balances must be adjusted for shifts in money demand to accurately isolate and quantify the dynamic effects of money on output and inflation. Maximum likelihood estimates of the model's parameters take both of these considerations into account, but still suggest that money plays a minimal role in the monetary business cycle.
Machine-readable bibliographic record - MARC, RIS, BibTeX Document Object Identifier (DOI): 10.3386/w8115 Published: Ireland, Peter N. "Money's Role In The Monetary Business Cycle," "Journal of Money, Credit and Banking, 2004, v36(6,Dec), 969-983. citation courtesy of Users who downloaded this paper also downloaded* these:
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