The paper sets out a monetary business cycle model with three alternative exchange technologies, the cash … puzzles of the monetary business cycle theory. The credit model improves the ability to explain the procyclic movement of …

This paper proposes a new filter technique to separate trend and cycle based on stylised economic properties of trend … and cycle, rather than relying on ad hoc statistical proper-ties such as frequency. Given the theoretical separation … between economic growth and business cycle literature, it is necessary to make the measures of trend and cycle match what the …