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Modeling money

Author: Lawrence J Christiano; Martin S Eichenbaum; Charles Leonard Evans; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1998.
Series: Working paper series (National Bureau of Economic Research), working paper no. 6371.
Edition/Format:   Print book : National government publication : EnglishView all editions and formats
Summary:
We develop and implement a limited information diagnostic strategy for assessing the plausibility of monetary business cycle models. Our strategy focuses on a model's ability to reproduce empirical estimates of an actual economy's response to monetary policy shocks. A key input to this diagnostic is a univariate time series representation of the response of money to a shock in monetary policy. We find that a  Read more...
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Details

Material Type: Government publication, National government publication, Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Lawrence J Christiano; Martin S Eichenbaum; Charles Leonard Evans; National Bureau of Economic Research.
OCLC Number: 38528654
Notes: "January 1998."
Description: 38, [5] pages : illustrations ; 22 cm.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 6371.
Responsibility: Lawrence J. Christiano, Martin Eichenbaum, Charles L. Evans.

Abstract:

We develop and implement a limited information diagnostic strategy for assessing the plausibility of monetary business cycle models. Our strategy focuses on a model's ability to reproduce empirical estimates of an actual economy's response to monetary policy shocks. A key input to this diagnostic is a univariate time series representation of the response of money to a shock in monetary policy. We find that a monetary policy shock has only a small contemporaneous effect on the monetary base and M1. Its primary effect is to signal future movements in the money supply. We implement our diagnostic strategy on a limited participation model of money which stresses the importance of credit market frictions in the monetary transmission mechanism.

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