A Comparison of Exchange Economies within a Monetary Business Cycle

Benk, Szilard, Gillman, Max and Kejak, Michal 2005. A Comparison of Exchange Economies within a Monetary Business Cycle. The Manchester School 73 (4) , pp. 542-562. 10.1111/j.1467-9957.2005.00458.x

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Abstract

The paper sets out a monetary business cycle model with three alternative exchange technologies, the cash-only, shopping time, and credit production models. The goods productivity and money shocks a§ect all three models, while the credit model has in addition a credit productivity shock. The paper compares the performance of the models in explaining the puzzles of the monetary business cycle theory. The credit model improves the ability to explain the procyclic movement of monetary aggregates, ináation and the nominal interest rate.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Publisher:	Wiley
ISSN:	1463-6786
Last Modified:	19 Mar 2016 23:06
URI:	https://orca.cardiff.ac.uk/id/eprint/38409

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