Title of article
Monetaryaggregatesandthebusinesscycle$
Author/Authors
Roman ?Sustek ، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
15
From page
451
To page
465
Abstract
A monetaryaggregateconsistingpredominantlyofzero-maturitydeposits,called MZM,
tends tosystematicallyleadoutputintheUSbusinesscycle.Suchfluctuationsare
observedbothbeforeandafterthe1979monetarypolicychange.Similardynamicsare
obtainedinamodelwithmulti-stageproductionandpurchase-sizeheterogeneitywhen
agentsoptimallychoosetheirmixofcash,checkable,andtimedepositsused
in transactions.Thecausalityinthemodelrunsfromrealactivitytomoney,rather
than theotherwayaround.Althoughthemonetarybaseisendogenous,througha
Taylor-typerule,theleadin MZM is primarilydrivenbydepositcreation.
Keywords
Monetary aggregatesBusiness cycleGeneral equilibrium
Journal title
Journal of Monetary Economics
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846404
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