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 …

substantial extent by real variables, such as the terms of trade and oil prices, and nominal variables, such as the money supply …

consists of interest rates, money, stock prices and output, all in first differences, may serve as a useful benchmark for Japan …

an increase in the stock of money leads, initially, to an increase in economic activity. Most writer have attributed the … real effects of money, in the short run, to mistaken expectations, non-market clearing or both. We argue instead, that … neither of these channels is needed to explain the facts. We show that a competitive market-clearing model in which money …

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 …