Modeling money:
We develop and implement a limited information diagnostic strategy for assessing the plausibility of monetary business cycle models. Our strategy focuses on a model's ability to reproduce empirical estimates of an actual economy's response to monetary policy shocks. A key input to this dia...
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
1998
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| Series: | NBER working paper series
6371 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | We develop and implement a limited information diagnostic strategy for assessing the plausibility of monetary business cycle models. Our strategy focuses on a model's ability to reproduce empirical estimates of an actual economy's response to monetary policy shocks. A key input to this diagnostic is a univariate time series representation of the response of money to a shock in monetary policy. We find that a monetary policy shock has only a small contemporaneous effect on the monetary base and M1. Its primary effect is to signal future movements in the money supply. We implement our diagnostic strategy on a limited participation model of money which stresses the importance of credit market frictions in the monetary transmission mechanism. |
| Physical Description: | 38 S. graph. Darst. 22 cm |
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| 245 | 1 | 0 | |a Modeling money |c Lawrence J. Christiano ; Martin Eichenbaum ; Charles L. Evans |
| 264 | 1 | |a Cambridge, Mass. |c 1998 | |
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| 490 | 1 | |a NBER working paper series |v 6371 | |
| 520 | 3 | |a We develop and implement a limited information diagnostic strategy for assessing the plausibility of monetary business cycle models. Our strategy focuses on a model's ability to reproduce empirical estimates of an actual economy's response to monetary policy shocks. A key input to this diagnostic is a univariate time series representation of the response of money to a shock in monetary policy. We find that a monetary policy shock has only a small contemporaneous effect on the monetary base and M1. Its primary effect is to signal future movements in the money supply. We implement our diagnostic strategy on a limited participation model of money which stresses the importance of credit market frictions in the monetary transmission mechanism. | |
| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Business cycles |x Econometric models | |
| 650 | 4 | |a Monetary policy |x Econometric models | |
| 700 | 1 | |a Eichenbaum, Martin S. |d 1954- |e Verfasser |0 (DE-588)128369280 |4 aut | |
| 700 | 1 | |a Evans, Charles |d 1958- |e Verfasser |0 (DE-588)13781657X |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 6371 |w (DE-604)BV002801238 |9 6371 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w6371.pdf |z kostenfrei |3 Volltext |
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| author | Christiano, Lawrence J. Eichenbaum, Martin S. 1954- Evans, Charles 1958- |
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| id | DE-604.BV011898679 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:18:12Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008040240 |
| oclc_num | 38528654 |
| open_access_boolean | 1 |
| owner | DE-19 DE-BY-UBM DE-521 |
| owner_facet | DE-19 DE-BY-UBM DE-521 |
| physical | 38 S. graph. Darst. 22 cm |
| publishDate | 1998 |
| publishDateSearch | 1998 |
| publishDateSort | 1998 |
| record_format | marc |
| series2 | NBER working paper series |
| spelling | Christiano, Lawrence J. Verfasser (DE-588)128649828 aut Modeling money Lawrence J. Christiano ; Martin Eichenbaum ; Charles L. Evans Cambridge, Mass. 1998 38 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier NBER working paper series 6371 We develop and implement a limited information diagnostic strategy for assessing the plausibility of monetary business cycle models. Our strategy focuses on a model's ability to reproduce empirical estimates of an actual economy's response to monetary policy shocks. A key input to this diagnostic is a univariate time series representation of the response of money to a shock in monetary policy. We find that a monetary policy shock has only a small contemporaneous effect on the monetary base and M1. Its primary effect is to signal future movements in the money supply. We implement our diagnostic strategy on a limited participation model of money which stresses the importance of credit market frictions in the monetary transmission mechanism. Ökonometrisches Modell Business cycles Econometric models Monetary policy Econometric models Eichenbaum, Martin S. 1954- Verfasser (DE-588)128369280 aut Evans, Charles 1958- Verfasser (DE-588)13781657X aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 6371 (DE-604)BV002801238 6371 http://papers.nber.org/papers/w6371.pdf kostenfrei Volltext |
| spellingShingle | Christiano, Lawrence J. Eichenbaum, Martin S. 1954- Evans, Charles 1958- Modeling money Ökonometrisches Modell Business cycles Econometric models Monetary policy Econometric models |
| title | Modeling money |
| title_auth | Modeling money |
| title_exact_search | Modeling money |
| title_full | Modeling money Lawrence J. Christiano ; Martin Eichenbaum ; Charles L. Evans |
| title_fullStr | Modeling money Lawrence J. Christiano ; Martin Eichenbaum ; Charles L. Evans |
| title_full_unstemmed | Modeling money Lawrence J. Christiano ; Martin Eichenbaum ; Charles L. Evans |
| title_short | Modeling money |
| title_sort | modeling money |
| topic | Ökonometrisches Modell Business cycles Econometric models Monetary policy Econometric models |
| topic_facet | Ökonometrisches Modell Business cycles Econometric models Monetary policy Econometric models |
| url | http://papers.nber.org/papers/w6371.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT christianolawrencej modelingmoney AT eichenbaummartins modelingmoney AT evanscharles modelingmoney |