Estimating the Evolution of Money’s Role in the U.S. Monetary Business Cycle

Material TypeArticleLanguageEnglish
TitleEstimating the Evolution of Money’s Role in the U.S. Monetary Business Cycle Author(S)EFREM CASTELNUOVO (Author)
Abstract  money in New Keynesian frameworks;employment;time-varying effects;Bayesian structural estimations;Taylor rules We assess money’s role in the post-WWII U.S. business cycle by employing both fixed-coefficient and rolling-window Bayesian estimations of a structural model of the business cycle with money. Our empirical evidence favors a specification with drifting parameters for money-consumption nonseparability and the Federal Reserve’s reaction to nominal money growth ...Paginationp23–52
SubjectEconomicsDescriptorsEconomics
Journal TitleJournal of Money, Credit, and Banking  
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