Money is An Estimated Business Cycle Model of The Euro Area  

Oleh:

Valles, Javier ; Lopez-Salido, J. David ; Andres, Javier

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 116 no. 511 (2006), page 457-477.
Topik: MONEY; money; business cycle mode; euro area
Fulltext: 457.pdf (203.01KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.22 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This article examines the role of money in a small - scale dynamic general equilibrium model of the euro zone estimated by maximum likelihood. The model allows for both intertemporal and intratemporal non - separability in preferences. We find, first, that real balances do not affect the marginal utility of consumption. Second, money demand shocks mainly help to forecast real balances while real shocks explain the bulk of price, output and interest rates fluctuations. Third, the calculation of the natural rate of interest reveals that the evolution of the interest rate is mostly accounted for by the real sources of fluctuations.

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