-implied money market rate is positively correlated with the stance of monetary policy, offering a new perspective on this systematic …

Two mechanisms are considered through which money can play a role in a real business cycle model. One is in the form of … money and leisure. This mechanism leads to price fluctuations even when the nominal money stock does not fluctuate. As is …

condition spread between the usual CCAPM rate as defined by Canzoneri and Diba (2005) and the model-implied money market rate is …

This article uses multi-period ex ante anticipations of money supply growth to estimate the parameters of a model …, suggested by Stanley Fischer, in which money affects real variables only through multi-period errors in anticipations. This … model is tested against an alternative, first evaluated empirically by Robert Barro, in which money affects real variables …

The emerging consensus in monetary policy and business cycle analysis is that money aggregates are not useful as an … intermediate target for monetary policy or as an information variable. The uselessness of money as an intermediate target is driven … by empirical research that suggests that money demand is unstable. In addition, the informational quality of money has …

Response Functions and propose a variance decomposition (for the monetary BC Models). We find that even though money is not … money (M1) and inflation are not well reproduced. …

A small, structural model of the monetary business cycle implies that real money balances enter into a correctly … implies that empirical measures of real balances must be adjusted for shifts in money demand to accurately isolate and … quantify the dynamic effects of money on output and inflation. Maximum likelihood estimates of the model's parameters take both …