Monetary aggregates and output

This paper offers a general equilibrium model that explains how the observed correlations of money and output fluctuations may come about through endogenously determined fluctuations in the money multiplier. The model is calibrated to meet long-run (including monetary) features of the U.S. economy; it is then subjected to shocks to the Solow residual following a random process similar to that observed in U.S. data.

MoreLess

Year of publication:	1998
Authors:	Freeman, Scott ; Kydland, Finn
Institutions:	Federal Reserve Bank of Cleveland
Subject:	Money supply

More details

Extent:	application/pdf
Series:	Working Paper.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 9813
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005729030