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Does money matter in shaping domestic business cycles? An international investigation (with appendices)
Canova, Fabio; Menz, Tobias
Universitat Pompeu Fabra. Departament d'Economia i Empresa
We study the contribution of money to business cycle fluctuations in the US,the UK, Japan, and the Euro area using a small scale structural monetary business cycle model. Constrained likelihood-based estimates of the parameters areprovided and time instabilities analyzed. Real balances are statistically importantfor output and inflation fluctuations. Their contribution changes over time. Models giving money no role provide a distorted representation of the sources of cyclicalfluctuations, of the transmission of shocks and of the events of the last 40 years.
2011-06-09
Macroeconomics and International Economics
money
business cycles
shock transmission
inflation dynamics.
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