Money and disaggregate supply in the United States, 1950-1982

K. Alec Chrystal

No 1984-018, Working Papers from Federal Reserve Bank of St. Louis

Abstract: The impact of money growth and money growth surprises on real output by sector is investigated. It is shown that money provides a significant contribution to the explanation of the real output cycles in almost all sectors of the U.S. economy. Anticipated money is found to have real effects, though there is some evidence that the real impact of money surprises is larger. ; The approach adopted offers the possibility of a new macroeconomics based upon major output categories, in contrast to the traditional Keynesian approach based upon expenditure categories. The way is, thereby, opened up for a genuine 'structural' or supply side macroeconomics, which is aggregative and can be analyzed by means of principles of optimization, and in which individual sector outputs are non-unique even in full equilibrium.

Date: 1984
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Published in European Economic Review, August 1987, 31(6), pp. 1211-28

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DOI: 10.20955/wp.1984.018

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