Monetary aggregates and output

Scott John Freeman and Finn E. Kydland

No 9813, Working Paper from Federal Reserve Bank of Cleveland

Abstract: This paper offers a general equilibrium model that explains how the observed correlations of money and output fluctuations may come about through endogenously determined fluctuations in the money multiplier. The model is calibrated to meet long-run (including monetary) features of the U.S. economy; it is then subjected to shocks to the Solow residual following a random process similar to that observed in U.S. data.

Keywords: Money; supply (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge and nep-mon
Date: Written 1998
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Related works:
Working Paper: Monetary aggregates and output (1998)
Journal Article: Monetary Aggregates and Output (2000)
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