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The Own-Price of Money and the Channels of Monetary Transmission

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Author Info
Belongia, Michael T.
Ireland, Peter N.

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Abstract

Traditionally, the effects of monetary policy actions on output are thought to be transmitted via monetary or credit channels. Real business cycle theory, by contrast, highlights the role of real price changes as a source of revisions in spending and production decisions. Motivated by the desire to focus on the effects of price changes in the monetary transmission mechanism, this paper incorporates a direct measure of the real own-price of money into an estimated vector autoregression and a calibrated real business cycle model. Consistent with the RBC view of the monetary transmission mechanism, both approaches reveal that movements in the own-price of money are strongly related to movements in output.

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File URL: http://dx.doi.org/10.1353/mcb.2006.0025
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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 38 (2006)
Issue (Month): 2 (March)
Pages: 429-445
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Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:2:p:429-445

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

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  1. William Barnett & Marcelle Chauvet, 2008. "International Financial Aggregation and Index Number Theory: A Chronological Half-Century Empirical Overview," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200804, University of Kansas, Department of Economics, revised Sep 2008. [Downloadable!]
    Other versions:
  2. Barnett, William A. & Chauvet, Marcelle & Tierney, Heather L. R., 2008. "Measurement Error in Monetary Aggregates: A Markov Switching Factor Approach," MPRA Paper 10179, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  3. Livio Stracca, 2007. "Should we take inside money seriously?," Working Paper Series 841, European Central Bank. [Downloadable!]
  4. Barnett, William A. & Chauvet, Marcelle, 2008. "The End of the Great Moderation?," MPRA Paper 11642, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  5. Barry E. Jones & Livio Stracca, 2006. "Are money and consumption additively separable in the euro area? A non-parametric approach," Working Paper Series 704, European Central Bank. [Downloadable!]
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