Giovannini, Alberto; Labadie, Pamela - In: Journal of Political Economy 99 (1991) 6, pp. 1215-51
The authors develop a method to solve and simulate cash-in-advance models of money and asset prices. They calibrate the models to U.S. data spanning the period 1890-1987 and study some empirical regularities observed over this period. The phenomena of interest include the average level of stock...