Arestis, Philip; Chortareas, Georgios; Tsoukalas, John D. - School of Economics, University of Nottingham
We consider an (otherwise standard) New Neoclassical Synthesis theoretical framework that allows a role for money …. Money in our model has an informational role which consists in facilitating the estimation of the unobserved shocks that … using Bayesian techniques. Our findings support the view that money has information value. This is reflected in higher …