The explanation of velocity in neoclassical monetary business cycle models relies on a goods productivity shocks to …

information on demographics, socio-economic conditions, life events, health, and cognitive functioning. We exploit exogenous …

eliminating frictions that hamper efficient allocation of resources in factor markets can be seen as a positive shock that will …-infrastructure capital appears robust and productivity growth potentially strong, timely reforms that eliminate structural bottlenecks will …

money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such … important for velocity during less stable times and the goods productivity shock more important during stable times. … decentralized banking that produces exchange credit. Positive shocks to credit productivity and money supply increase velocity, as …

rate and the unemployment rate? In the model, fluctuations are prominently driven by productivity shocks which are commonly …