Money's role in the monetary business cycle

被引：110

作者：

Ireland, PN ^{[1
]}

机构：

[1] Boston Coll, Chestnut Hill, MA 02167 USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2004年 / 36卷 / 06期

关键词：

money; monetary policy; business cycles;

D O I：

10.1353/mcb.2005.0010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A small, structural model of the monetary business cycle implies that real money balances enter into a correctly-specified, forward-looking IS curve if and only if they enter into a correctly-specified, forward-looking Phillips curve. The model also implies that empirical measures of real balances must be adjusted for shifts in money demand to accurately isolate and quantify the dynamic effects of money on output and inflation. Maximum likelihood estimates of the model's parameters take both these considerations into account, but still suggest that money plays a minimal role in the monetary business cycle.

引用

页码：969 / 983

页数：15

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