English, Article, Journal or magazine article edition: MONEY AND BUSINESS CYCLE IN A SMALL OPEN ECONOMY Eduardo L. Gimenez; Jose M. Martin-Moreno

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Bookmark: http://trove.nla.gov.au/version/48766
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • MONEY AND BUSINESS CYCLE IN A SMALL OPEN ECONOMY
Author
  • Eduardo L. Gimenez
  • Jose M. Martin-Moreno
Physical Description
  • preprint
Notes
  • This paper examines the consequences of introducing a cash-in-advance constraint in a small open economy business cycle model for the Spanish economy. A business cycle model is built extending Correia, Neves and Rebelo (1995) small open economy framework and Cooley and Hansen (1995) monetary economy. Money is introduced through a cash-in-advance constraint. The stochastic simulation of the model and its comparation with Spanish data shows that the model is able to mimic the real dimension of the business cycle. In particular the high volatility of compsumtion for the Spanish economy is greatly reproduced. Some features of the nominal dimension are also reproduced. As a negative result the high correlation between money and output, and labor market relations are not reproduced.
  • Business Cycle, Cash-in-Advance Constraint, Small Open Economy
  • RePEc:edg:anecon:0012
Language
  • English
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