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Lagos-Wright vs. Cash-in-Advance: Government Policy Response to War-Expenditure Shocks

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  • Fernando M. Martin

    (Simon Fraser University)

Abstract

I pit the Lagos-Wright micro founded model of money with the reduced-form cash-in-advance model in terms of their predictions for the response of government policy to war-expenditure shocks. The Lagos-Wright model performs well qualitative and quantitatively. Depending on specific assumptions about preferences, the cash-in-advance model either has some qualitative or quantitative shortcomings.

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Paper provided by Society for Economic Dynamics in its series 2011 Meeting Papers with number 745.

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Date of creation: 2011
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Handle: RePEc:red:sed011:745

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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
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  1. Fernando M. Martin, 2013. "Government Policy In Monetary Economies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 54(1), pages 185-217, 02.
  2. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
  3. Aleksander Berentsen & Gabriele Camera & Christopher Waller, . "Money, Credit and Banking," IEW - Working Papers, Institute for Empirical Research in Economics - University of Zurich 219, Institute for Empirical Research in Economics - University of Zurich.
  4. Morten O. Ravn & Harald Uhlig, 2002. "On adjusting the Hodrick-Prescott filter for the frequency of observations," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 371-375.
  5. Fernando M. Martin, 2004. "A Positive Theory of Government Debt," Macroeconomics, EconWPA 0408013, EconWPA, revised 12 Oct 2004.
  6. Martin, Fernando M., 2011. "On the joint determination of fiscal and monetary policy," Journal of Monetary Economics, Elsevier, Elsevier, vol. 58(2), pages 132-145, March.
  7. Aleksander Berentsen & Christopher Waller, 2008. "Outside Versus Inside Bonds," IEW - Working Papers, Institute for Empirical Research in Economics - University of Zurich 372, Institute for Empirical Research in Economics - University of Zurich.
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