consumption and investment during the recession. To assess this result we also simulate artificial data from a DSGE model in which …

In this paper we estimate a simple New-Keynesian DSGE model with German data for the sample period 1970:q1 to 1998:q4 …. Contrary to a number of recent similar papers estimated with US and euro-area data, we find that real money balances contribute …

Standard economic textbooks portray the money supply as exogenous. Most of these use a money multiplier framework to …, endogenous money theories attribute the determination of commercial bank lending and overall economic activity to the demand for … credit, not the supply of money. In these theories, the demand for credit determines the supply of money, which banks create …

Money long-run super-neutrality and the vertical long-run Phillips curve are two widely shared beliefs in the economics …

Our paper studies the relationship between money growth and consumer price inflation in the euro area using wavelet … analysis. Wavelet analysis allows to account for variations in the money growth-inflation relationship both across the … frequency spectrum and across time. We find evidence of strong comovements between money growth and inflation at low frequencies …