Money in new-Keynesian frameworks

Estimating the Evolution of Money's Role in the U.S. Monetary Business Cycle

JEL codes: 
E31, E51, E52
Version Date: 
Mar 2012

Is money's role relevant to describing the post-WWII U.S. macroeconomic dynamics? Has this relevance changed over time? These questions are answered using both fixed-coefficient and rolling-window Bayesian estimations of a structural model of the business cycle with money.

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