Barthélemy, Jean (contributor); Clerc, Laurent (contributor) - 2008
area business cycle; 3) this provides
a rationale for the central bank (the European Central Bank) to factor in monetary … business cycle. A key feature of this model is that it allows real balances to play an active role in
explaining the euro area … business cycle. We �nd some evidence that money plays indeed a signi�cant role and enters
in particular both in the IS and …