The paper sets out a monetary business cycle model extended to include the production of credit that serves as an alternative to money in transactions and is subject to productivity shocks. The model provides some improvement on certain puzzles, in particular by capturing the procyclic movements of monetary aggregates, inflation and interest rates. And its application to analyse banking episodes indicates that the credit shock helps explain cycle behavior during the US financial deregulation period of the 1980s and 1990s
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Paper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number
133.
Length: Date of creation: 2004 Date of revision: Handle: RePEc:red:sed004:133
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