Favara, Giovanni (contributor); Giordani, Paolo (contributor) - 2002 - [Elektronische Ressource], First draft: September 2001, This version: November 2002
New Keynesian models of monetary policy assign no role to monetary aggregates, in the sense that the level of output, prices, and interest rates can be determined without knowledge of the quantity of money. We evaluate the empirical validity of this prediction by studying the effects of shocks...
