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A Comparison of Exchange Economies within a Monetary Business Cycle Author info | Abstract | Publisher info | Download info | Related research | Statistics Benk, Szilárd
Gillman, Max () (Cardiff Business School)
Kejak, Michal
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The paper sets out a monetary business cycle model with three alternative exchange technologies, the cash-only, shopping time, and credit production models. The goods productivity and money shocks affect all three models, while the credit model has in addition a credit productivity shock. The paper compares the performance of the models in explaining the puzzles of the monetary business cycle theory. The credit model improves the ability to explain the procyclic movement of monetary aggregates, inflation and the nominal interest rate.
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Paper provided by Cardiff University, Cardiff Business School, Economics Section in its series Cardiff Economics Working Papers with number
E2005/14.
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Length: 28 pages
Date of creation: Dec 2005Date of revision:
Publication status: Published in The Manchester School Handle: RePEc:cdf:wpaper:2005/14Contact details of provider: Postal: Aberconway Building, Colum Drive, CARDIFF, CF10 3EU Phone: +44 (0) 29 20874417 Fax: +44 (0) 29 20874419 Web page: http://www.cardiff.ac.uk/carbs/econ/index.html More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Bruce Webb).
Keywords: Cash-in-advance ; credit production ; cycle ; inflation ; Other versions of this item:
Find related papers by JEL classification: E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Max Gillman & Michal Kejak, 2005.
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[Downloadable!] (restricted) Thomas F. Cooley & Gary D. Hansen, 1987.
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"On the Equivalence of Money Growth and Interest Rate Policy ,"
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Max Gillman & Michal Kejak, 2004.
"The Demand for Bank Reserves and Other Monetary Aggregates ,"
Economic Inquiry ,
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Max Gillman & Mark N. Harris & László Mátyás, 2004.
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"Money's Role in the Monetary Business Cycle ,"
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Review of Economic Dynamics ,
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[Downloadable!] (restricted)
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European Economic Review ,
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Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Benk, Szilárd & Gillman, Max & Kejak, Michal, 2007.
"Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks ,"
Cardiff Economics Working Papers
E2007/14, Cardiff University, Cardiff Business School, Economics Section.
[Downloadable!]
Other versions:
Szilárd Benk & Max Gillman & Michal Kejak, 2006.
" Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks ,"
CDMA Conference Paper Series
0604, Centre for Dynamic Macroeconomic Analysis.
[Downloadable!] Szilárd Benk & Max Gillman & Michal Kejak, 2007.
"Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks ,"
MNB Working Papers
2007/5, Magyar Nemzeti Bank (The Central Bank of Hungary).
[Downloadable!] Szilárd Benk & Max Gillman & Michal Kejak, 2008.
"Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 40(6), pages 1281-1293, 09.
[Downloadable!] (restricted)
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