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How Money Affects Real Output

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  • Manchester, Joyce
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    Abstract

    This paper decomposes the money stock into constituent parts to examine the relationship between monetary variables and real economic activity using vector autoregression for 1954 to 1979. The first decomposition reveals that innovations in money multiplier growth rates are approximately three times more influential in determining real output growth than are monetary base growth innovations. The second decomposition includes components of the money multiplier to identify the importance of actions of the public, the banking community, and the monetary authority. The results suggest that the public and the Fed had a significant impact on influencing real output growth. Copyright 1989 by Ohio State University Press.

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    Bibliographic Info

    Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

    Volume (Year): 21 (1989)
    Issue (Month): 1 (February)
    Pages: 16-32

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    Handle: RePEc:mcb:jmoncb:v:21:y:1989:i:1:p:16-32

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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    Cited by:
    1. Prakash Loungani & Mark Rush, 1991. "The effect of changes in reserve requirements on investment and GNP," Working Paper Series, Macroeconomic Issues 91-21, Federal Reserve Bank of Chicago.
    2. Jha, Raghbendra & Prasad Rath, Deba, 2001. "On the Endogeneity of the Money Multiplier in India," Departmental Working Papers 2001-01, The Australian National University, Arndt-Corden Department of Economics.
    3. Gauger, Jean, 1998. "Economic Impacts on the Money Supply Process," Journal of Macroeconomics, Elsevier, vol. 20(3), pages 553-577, July.
    4. Charles I. Plosser, 1990. "Money and Business Cycles: A Real Business Cycle Interpretation," NBER Working Papers 3221, National Bureau of Economic Research, Inc.
    5. Scheide, Joachim, 1991. "On the causality between output, money and the terms of trade in Germany," Kiel Working Papers 475, Kiel Institute for the World Economy.
    6. Ghartey, Edward E., 2001. "Macroeconomic instability and inflationary financing in Ghana," Economic Modelling, Elsevier, vol. 18(3), pages 415-433, August.

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