Money in the production function: A new Keynesian DSGE perspective
Jonathan Benchimol ()
Post-Print from HAL
This article checks whether money is an omitted variable in the production process by proposing a microfounded New Keynesian Dynamic Stochastic General Equilibrium model. In this framework, real money balances enter the production function, and money demanded by households is differentiated from that demanded by firms. Using a Bayesian analysis, our model weakens the hypothesis that money is a factor of production. However, the demand of money by firms appears to have a significant impact on the economy, even if this demand has a low weight in the production process.
Keywords: Production; DSGE; DSGE Models; Money; Monetary Policy; Monetary Economics; Bayesian Analysis (search for similar items in EconPapers)
Note: View the original document on HAL open archive server: https://hal-paris1.archives-ouvertes.fr/hal-01182696
References: Add references at CitEc
Citations View citations in EconPapers (7) Track citations by RSS feed
Published in Southern Economic Journal, Southern Economic Association, 2015, 82 (1), pp.33. . <10.4284/0038-4038-2011.197>
There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
Journal Article: Money in the production function: A new Keynesian DSGE perspective (2015)
Working Paper: Money in the Production Function: a new Keynesian DSGE perspective (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01182696
Access Statistics for this paper
More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().