Does money matter in shaping domestic business cycles? An international investigation (with appendices)

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Canova, Fabio; Menz, Tobias. Does money matter in shaping domestic business cycles? An international investigation (with appendices). 2011
http://hdl.handle.net/10230/11716

To cite or link this document: http://hdl.handle.net/10230/11716

Title:	Does money matter in shaping domestic business cycles? An international investigation (with appendices)
Author:	Canova, Fabio; Menz, Tobias
Other authors:	Universitat Pompeu Fabra. Departament d'Economia i Empresa
Abstract:	We study the contribution of money to business cycle fluctuations in the US, the UK, Japan, and the Euro area using a small scale structural monetary business cycle model. Constrained likelihood-based estimates of the parameters are provided and time instabilities analyzed. Real balances are statistically important for output and inflation fluctuations. Their contribution changes over time. Models giving money no role provide a distorted representation of the sources of cyclical fluctuations, of the transmission of shocks and of the events of the last 40 years.
Document type:	Working paper
Date:	2011
Rights:	Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/)