We study the contribution of money to business cycle fluctuations in the US, the UK, Japan, and the Euro area using a … contribution changes over time. Models giving money no role provide a distorted representation of the sources of cyclical …

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 …

provide suport for a positive and significant effect of money on economic activity in the long-run. This long-run relationship …