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Does Money Matter? An Empirical Investigation

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Author Info

  • Huston, Barry

    (Department of Economics Marquette University)

  • McGibany, James M

    (Department of Economics Marquette University)

  • Nourzad, Farrokh

    ()
    (Department of Economics Marquette University)

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    Abstract

    This paper uses a simultaneous-equations model of the new consensus macroeconomic model to examine whether the inclusion of the money stock in the aggregate demand function improves the statistical fit of the model. The results indicate that the consensus model is accurate for the U.S. in that the inclusion of money does not increase the predictive power of the model. However, the results reveal that the estimated coefficients are more robust when money is included as an instrumental variable in the simultaneous equations consensus model.

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    File URL: http://epublications.marquette.edu/econ_workingpapers/9
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    Bibliographic Info

    Paper provided by Marquette University, Center for Global and Economic Studies and Department of Economics in its series Working Papers and Research with number 2010-09.

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    Date of creation: Sep 2010
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    Handle: RePEc:mrq:wpaper:2010-09

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    Related research

    Keywords: consensus macro model; monetary policy; Phillips Curve; Taylor Rule; Economics;

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