Lagos-Wright vs. Cash-in-Advance: Government Policy Response to War-Expenditure Shocks
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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| Date of creation: | 2011 |
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| Handle: | RePEc:red:sed011:745 |
| Contact details of provider: | Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA Web page: http://www.EconomicDynamics.org/ Email: More information through EDIRC
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