Does Money Matter in Shaping Domestic Business Cycles? An International Investigation

Fabio Canova · Tobias Menz

59 citations0/0 files storedJournal of money credit and banking

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

We study the contribution of money to business-cycle fluctuations in the United States, the United Kingdom, Japan, and the euro area using a small-scale structural monetary business cycle model. Constrained likelihood-based estimates of the parameters are provided and time instabilities analyzed. Real balances are statistically important for output and inflation fluctuations. Their contribution changes over time. Models giving money no role provide a distorted representation of the sources of cyclical fluctuations, of the transmission of shocks, and of the events of the last 40 years.

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References

2005INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY 2000Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*2007Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach 2004Interest and Prices 1998Monetary Policy Shocks: What Have We Learned and to What End?2006Were There Regime Switches in U.S. Monetary Policy?2002Has the Business Cycle Changed and Why?1999Chapter 2 Monetary policy shocks: What have we learned and to what end?

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