Accounting for the Relationship between Money and Interest Rates
AbstractIn time series from the United States, the relationship between the money to income ratio and the nominal interest rate is a negative and stable one. In Swedish data, there is no such stable relationship. In this paper, we argue that this difference can be explained by the differences in the shock processes that have hit the two countries. Using a dynamic general equilibrium model driven by shock processes estimated to fit the two countries, we find that we can account for the main properties of the data remarkably well.
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Bibliographic InfoPaper provided by EconWPA in its series Data with number 0504001.
Length: 3 pages
Date of creation: 22 Apr 2005
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Note: Type of Document - zip; pages: 3
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Other versions of this item:
- Jonsson, Magnus & Klein, Paul, 2006. "Accounting For The Relationship Between Money And Interest Rates," Macroeconomic Dynamics, Cambridge University Press, vol. 10(04), pages 545-571, September.
- NEP-ALL-2005-04-30 (All new papers)
- NEP-CBA-2005-04-30 (Central Banking)
- NEP-CFN-2005-04-30 (Corporate Finance)
- NEP-DGE-2005-04-30 (Dynamic General Equilibrium)
- NEP-MAC-2005-04-30 (Macroeconomics)
- NEP-MON-2005-04-30 (Monetary Economics)
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