Benzing, Cynthia - In: Eastern Economic Journal 15 (1989) 3, pp. 235-239
Using the Cobb-Douglas production function, this study tests whether money is a significant determinant of output. Three log-linear specifications are applied to U.S. annual data from 1959-85. Real output is expressed as a function of labor, capital, and real money balances. M1, M2, and M3 are...