A comparison of exchange economies within a monetary business cycle

Benk, Szild, Gillman, Max and Kejak, Michal 2005. A comparison of exchange economies within a monetary business cycle. [Working Paper]. Cardiff Economics Working Papers, Cardiff: Cardiff University. Available at: http://business.cf.ac.uk/sites/default/files/E2005...

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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:	Monograph (Working Paper)
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HB Economic Theory
Uncontrolled Keywords:	Cash-in-advance; credit production; cycle; inflation
Publisher:	Cardiff University
Date of First Compliant Deposit:	30 March 2016
Last Modified:	19 Mar 2016 23:13
URI:	https://orca.cardiff.ac.uk/id/eprint/43589

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