The paper sets the neoclassical monetary business cycle model within endogenous growth, adds exchange credit shocks …, and finds that money and credit shocks explain much of the velocity variation. The role of the shocks varies across sub …-periods in an intuitive fashion. Endogenous growth is key to the construction of the money and credit shocks since these have …

paper sets the model within endogenous growth, adds exchange credit shocks, and Önds that money and credit shocks explain … is key to the construction of the money and credit shocks since these have similar e§ects on velocity, but opposite e … the data. Its underlying money demand is Cagan-like in its interest elasticity, so that money and credit shocks cause …

The paper sets the neoclassical monetary business cycle model within endogenous growth, adds exchange credit shocks …, and finds that money and credit shocks explain much of the velocity variation. The role of the shocks varies across sub …-periods in an intuitive fashion. Endogenous growth is key to the construction of the money and credit shocks since these have …

paper sets the model within endogenous growth, adds exchange credit shocks, and finds that money and credit shocks explain … is key to the construction of the money and credit shocks since these have similar effects on velocity, but opposite … in the data. Its underlying money demand is Cagan-like in its interest elasticity, so that money and credit shocks cause …

within endogenous growth and adds credit shocks. It models velocity more closely, with significant roles for money shocks and … credit shocks, along with the goods productivity shocks. Endogenous growth is key to the construction of the money and credit … shocks since they have similar effects on velocity, through substitution effects from changes in the nominal interest rate …

The paper constructs credit shocks using data and the solution to a monetary business cycle model. The model extends …