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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.
Macroeconomics and International Economics
business cycles
shock transmission
inflation dynamics.
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