A COMPARISON OF EXCHANGE ECONOMIES WITHIN A MONETARY BUSINESS CYCLE

Szilárd Benk (), Max Gillman () and Michal Kejak ()

Manchester School, 2005, vol. 73, issue 4, pages 542-562

Abstract: The paper sets out a monetary business cycle model with three alternative exchange technologies: the cash-only, shopping time and credit production models. The goods productivity and money shocks affect all three models, while the credit model has in addition a credit productivity shock. The paper compares the performance of the models in explaining the puzzles of the monetary business cycle theory. The credit model improves the ability to explain the procyclic movement of monetary aggregates, inflation and the nominal interest rate. Copyright Blackwell Publishing Ltd and The Victoria University of Manchester, 2005..

Date: 2005
View citations in EconPapers

Downloads: (external link)
http://www.blackwell-synergy.com/servlet/useragent ... &year=2005&part=null link to full text (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: A Comparison of Exchange Economies within a Monetary Business Cycle (2005)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:bla:manchs:v:73:y:2005:i:4:p:542-562

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1463-6786

Access Statistics for this article

Manchester School is edited by Keith Blackburn

More articles in Manchester School from University of Manchester
Series data maintained by Christopher F. Baum ().