Dong, Feng; Wen, Yi - 2018
We develop a N-sector business cycle network model a la Long and Plosser (1983), featuring heterogenous money demand a … endogenous distribution of money demand on cross-sector allocations of commodities. (ii) Despite flexible prices, money is …, thanks to the time-varying distribution of money demand and its effect on input-output coefficients. (iii) Although money …