Leeper, Eric M.; Zha, Tao - In: Economic Review (2001) Q4, pp. 35-58
Monetary policy analysts looking for a model on which to base decisions may consider two popular approaches-the New …'s monetary policy has improved markedly in the past two decades compared with the 1960s and 1970s. In contrast, VARs find little … money (M2) into the NK model; they find that including money substantially alters the model's conclusions about monetary …