Money and Output: A Test of Reverse Causation

American Economic Review

Volumn 86, Issue 1, 1996, Pages 90-111

  Coleman II, Wilbur John ^a  

^a DUKE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMIC PERFORMANCE; GENERAL EQUILIBRIUM ANALYSIS; METHODOLOGICAL EVALUATION; MODELLING APPROACH; MONETARY IMPACT; OUTPUT IMPACT;

USA;

EID: 0029799741     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (46)

1. Abel, Andrew B. "Dynamic Behavior of Capital Accumulation in a Cash-in-Advance Economy." Journal of Monetary Economics, July 1985, 16(1), pp. 55-71.
2. Bansal, Ravi and Coleman, Wilbur John, II. "A Monetary Explanation of the Equity and Term Premia Puzzles." Working paper, Duke University (1993).
3. Barro, Robert J. "Integral Constraints and Aggregation in an Inventory Model of Money Demand." Journal of Finance, March 1976, 31(1), pp. 77-87.
4. Baumol, William J. "The Transactions Demand for Cash." Quarterly Journal of Economics, November 1952, 66(4), pp. 545-56.
5. Cagan, Phillip. Determinants and effects of changes in the stock of money, 1875-1960, National Bureau of Economic Research. New York: Columbia University Press, 1965.
6. Coleman, Wilbur John, II. "Equilibrium in a Production Economy with an Income Tax." Econometrica, July 1991, 59(4), pp. 1091-104.
7. _. "Solving Nonlinear Dynamic Models on Parallel Computers." Journal of Business and Economic Statistics, July 1993, 11(3), pp. 325-30.
8. Cooley, Thomas F. and Hansen, Gary D. "The Inflation Tax in a Real Business Cycle Model." American Economic Review, September 1989, 79(4), pp. 733-48.
9. Duffie, Darrell and Singleton, Kenneth J. "Simulated Moments Estimation of Markov Models of Asset Prices." Econometrica, July 1993, 61(4), pp. 929-52.
10. Federal Reserve Bulletin. Board of Governors of the Federal Reserve System, Washington, DC, 76 (1990), p. A22.
11. Feenstra, Robert C. "Functional Equivalence Between Liquidity Costs and the Utility of Money." Journal of Monetary Economics, March 1986, 17(2), pp. 271-91.
12. Fama, Eugene F. "Banking in the Theory of Finance." Journal of Monetary Economics, January 1980, 6(1), pp. 39-57.
13. Fischer, Stanley. "A Framework for Monetary and Banking Analysis." Economic Journal, March 1983 (Supplement), 93, pp. 1-16.
14. Freeman, Scott and Huffman, Gregory W. "Inside Money, Output, and Causality." International Economic Review, August 1991, 32(3), pp. 645-67.
15. Friedman, Milton. "The Quantity Theory of Money-A Restatement," in Milton Friedman, ed., Studies in the Quantity Theory of Money. Chicago: University of Chicago Press, 1956.
16. Friedman, Milton and Schwartz, Anna J. A Monetary History of the United States. Princeton, NJ: Princeton University Press, 1963.
17. Greenwood, Jeremy; Hercowitz, Zvi and Huffman, Gregory W. "Investment, Capacity Utilization, and the Real Business Cycle." American Economic Review, June 1988, 78(2), pp. 402-17.
18. Greenwood, Jeremy and Huffman, Gregory W. "On the Existence of Nonoptimal Equilibria." Journal of Economic Theory, 1995, 65, pp. 611-23.
19. Hansen, Lars Peter. "Large Sample Properties of Generalized Method of Moments Estimators." Econometrica, July 1982, 50(4), pp. 1029-54.
20. Hartley, Peter R. "The Liquidity Services of Money." International Economic Review, February 1988, 29(1), pp. 1-24.
21. Hercowitz, Zvi and Sampson, Michael. "Output Growth, the Real Wage, and Employment Fluctuations." American Economic Review, December 1991, 81(5), pp. 1215-37.
22. Hodrick, Robert J.; Kocherlakota, Narayana and Lucas, Deborah. "The Variability of Velocity in Cash-in-Advance Models." Journal of Political Economy, April 1991, 99(2), pp. 358-84.
23. King, Robert G. and Plosser, Charles I. "Money, Credit, and Prices in a Real Business Cycle Model." American Economic Review, June 1984, 74(3), pp. 363-80.
24. Kydland, Finn and Prescott, Edward C. "Time to Build and Aggregate Fluctuations." Econometrica, November 1982, 50(6), pp. 1345-70.
25. Lacker, Jeffrey M. "Inside Money and Real Output." Economics Letters, 1988, 28(1), pp. 9-14.
26. Lee, Bong-Soo and Ingram, Beth Fisher. "Simulation Estimation of Time Series Models." Journal of Econometrics, February-March 1991, 47(2-3), pp. 197-205.
27. Leeper, Eric M. and Sims, Christopher A. "Toward a Modern Macroeconomic Model Usable for Policy Analysis." Working paper, Federal Reserve Bank of Atlanta (1993).
28. Lucas, Robert, E., Jr. and Stokey, Nancy L. "Money and Interest in a Cash-in-Advance Economy." Econometrica, May 1987, 55(3), pp. 491-513.
29. Marshall, David A. "Inflation and Asset Returns in a Monetary Economy." Journal of Finance, September 1992, 47(4), pp. 1315-42.
30. McCallum, Bennett T. "The Role of Overlapping Generations Models in Monetary Economics." Carnegie-Rochester Conference Series on Public Policy, Spring 1983, 18(1), pp. 9-44.
31. McFadden, Daniel. "A Method of Simulated Moments for Estimation of Discrete Response Models without Numerical Integration." Econometrica, September 1989, 57(5), pp. 995-1026.
32. Meltzer, Allan H. "The Demand for Money: Evidence from the Time Series." Journal of Political Economy, June 1963, 71, pp. 219-46.
33. Mendoza, Enrique G. "Real Business Cycles in a Small Open Economy." American Economic Review, September 1991, 81(4), pp. 797-818.
34. Moore, George R.; Porter, Richard D. and Small, David H. "Modeling the Disaggregated Demands for M2 and M1: The U.S. Experience in the 1980s," in Peter Hooper, Karen H. Johnson, Donald L. Kohn, David E. Lindsey, Richard D. Porter, and Ralph Tryon, eds., Financial Sectors in Open Economies: Empirical Analysis and Policy Issues. Washington, DC: Board of Governors of the Federal Reserve System, 1990.
35. Newey, Whitney K. and West, Kenneth D. "A Simple, Positive Semi-Definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix." Econometrica, May 1987, 55(3), pp. 703-8.
36. Pakes, Ariel and Pollard, David. "Simulation and the Asymptotics of Optimization Estimators." Econometrica, September 1989, 57(5), pp. 1027-57.
37. Porter, Richard D. "Estimates of Foreign Holdings of U.S. Currency: An Approach based on Relative Cross-Country Seasonal Variations." Working paper, Board of Governors of the Federal Reserve System, Washington, DC, 1993.
38. Sargent, Thomas J. and Wallace, Neil. "The Real Bills Doctrine vs. the Quantity Theory: A Reconsideration." Journal of Political Economy, December 1982, 90(6), pp. 1212-36.
39. Sims, Chrisopher A. "Money, Income, and Causality." American Economic Review, June 1972, 62(3), pp. 540-52.
40. _. "Comparison on Interwar and Postwar Business Cycles: Monetarism Reconsidered." American Economic Review, March 1980, 70(1), pp. 250-57.
41. _. "Models and Their Uses." Discussion Paper No. 11, Institute for Empirical Macroeconomics, Federal Reserve Bank, Minneapolis, 1989.
42. Stockman, Alan C. "Anticipated Inflation and the Capital Stock in a Cash-in-Advance Economy." Journal of Monetary Economics, November 1981, 8(3), pp. 387-93.
43. Stokey, Nancy L. and Lucas, Robert E., Jr. Recursive Methods in Economic Dynamics, with Edward C. Prescott. Cambridge, MA: Harvard University Press, 1989.
44. Tauchen, George and Hussey, Robert. "Quadrature-Based Methods for Obtaining Approximate Solutions to Nonlinear Asset Pricing Models." Econometrica, March 1991, 59(2), pp. 371-96.
45. Tobin, James. "The Interest Elasticity of Transactions Demand for Cash." Review of Economics and Statistics, August 1956, 38(3), pp. 241-47.
46. _. "Money and Income: Post Hoc Ergo Propter Hoc?" Quarterly Journal of Economics, May 1970, 84(2), pp. 301-17.