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Dynamic IS curves with and without money: An international comparison

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Author Info
Hafer, R.W.
Jones, Garett

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Abstract

When money is added to a dynamic IS model, evidence from six countries indicates that money growth usually helps predict the GDP gap and that the predictive power of a short-term real interest is much weaker than previous work suggests. Thus, for dynamic IS models such as that used by Rudebusch, G.D., Svensson, L.E.O. [1999. Policy rules and inflation targeting. In: Taylor, J.B. (Ed.), Monetary Policy Rules. University of Chicago Press, Chicago, pp. 203-246; 2002. Eurosystem monetary targeting: lessons from US data. European Economic Review 46, 417-442], the omission of money appears to come at a high cost.

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Publisher Info
Article provided by Elsevier in its journal Journal of International Money and Finance.

Volume (Year): 27 (2008)
Issue (Month): 4 (June)
Pages: 609-616
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Handle: RePEc:eee:jimfin:v:27:y:2008:i:4:p:609-616

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Web page: http://www.elsevier.com/locate/inca/30443

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This page was last updated on 2008-10-11.


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