English, Article, Journal or magazine article edition: Money's Role in the Monetary Business Cycle Peter N. Ireland

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Bookmark: http://trove.nla.gov.au/version/73373
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Money's Role in the Monetary Business Cycle
Author
  • Peter N. Ireland
Physical Description
  • preprint
Notes
  • RePEc:nbr:nberwo:8115
  • 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 of these considerations into account, but still suggest that money plays a minimal role in the monetary business cycle.
  • Money, Business Cycles, New Keynesian Models
  • RePEc:boc:bocoec:458
Language
  • English
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