메뉴 건너뛰기




Volumn 44, Issue 1, 2012, Pages 23-52

Estimating the Evolution of Money's Role in the U.S. Monetary Business Cycle

Author keywords

Bayesian structural estimations; Employment; Money in ew Keynesian frameworks; Taylor rules; Time varying effects

Indexed keywords


EID: 84856388525     PISSN: 00222879     EISSN: 15384616     Source Type: Journal    
DOI: 10.1111/j.1538-4616.2011.00468.x     Document Type: Article
Times cited : (55)

References (51)
  • 1
    • 34248203740 scopus 로고    scopus 로고
    • Bayesian Analysis of DSGE Models
    • An, Sungbae, and Frank Schorfheide (2007) "Bayesian Analysis of DSGE Models. Econometric Reviews, 26, 113-72.
    • (2007) Econometric Reviews , vol.26 , pp. 113-172
    • An, S.1    Schorfheide, F.2
  • 2
    • 59349086343 scopus 로고    scopus 로고
    • Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area
    • Andrés, Javier, David López-Salido, and Edward Nelson (2009) "Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area. Journal of Economic Dynamics and Control, 33, 758-76.
    • (2009) Journal of Economic Dynamics and Control , vol.33 , pp. 758-776
    • Andrés, J.1    López-Salido, D.2    Nelson, E.3
  • 3
    • 33645467347 scopus 로고    scopus 로고
    • Money in an Estimated Business Cycle Model of the Euro Area
    • Andrés, Javier, David López-Salido, and Javier Vallés (2006) "Money in an Estimated Business Cycle Model of the Euro Area. Economic Journal, 116, 457-77.
    • (2006) Economic Journal , vol.116 , pp. 457-477
    • Andrés, J.1    López-Salido, D.2    Vallés, J.3
  • 4
    • 75149181762 scopus 로고    scopus 로고
    • Money and Information in a New Neoclassical Synthesis Framework
    • Arestis, Philip, Georgios Chortareas, and John D. Tsoukalas (2010) "Money and Information in a New Neoclassical Synthesis Framework. Economic Journal, 120, F101-F128.
    • (2010) Economic Journal , vol.120
    • Arestis, P.1    Chortareas, G.2    Tsoukalas, J.D.3
  • 5
    • 0013006523 scopus 로고    scopus 로고
    • Another Look at Long-Run Money Demand
    • Ball, Laurence. (2001) "Another Look at Long-Run Money Demand. Journal of Monetary Economics, 47, 31-44.
    • (2001) Journal of Monetary Economics , vol.47 , pp. 31-44
    • Ball, L.1
  • 6
    • 0347540117 scopus 로고    scopus 로고
    • The Cost Channel of Monetary Transmission
    • Barth, Marvin J., III, and Valerie Ramey (2001) "The Cost Channel of Monetary Transmission. NBER Macroeconomics Annual, 16, 199-240.
    • (2001) NBER Macroeconomics Annual , vol.16 , pp. 199-240
    • Barth III, M.J.1    Ramey, V.2
  • 7
    • 84889747527 scopus 로고    scopus 로고
    • Are Policy Counterfactuals Based on Structural VARs Reliable?" European Central Bank Working Paper No. 1188.
    • Benati, Luca. (2010) "Are Policy Counterfactuals Based on Structural VARs Reliable?" European Central Bank Working Paper No. 1188.
    • (2010)
    • Benati, L.1
  • 8
    • 74349127207 scopus 로고    scopus 로고
    • VAR Analysis and the Great Moderation
    • Benati, Luca, and Paolo Surico (2009) "VAR Analysis and the Great Moderation. American Economic Review, 99, 1636-52.
    • (2009) American Economic Review , vol.99 , pp. 1636-1652
    • Benati, L.1    Surico, P.2
  • 11
    • 70349835394 scopus 로고    scopus 로고
    • What Explains the Great Moderation in the US? A Structural Analysis
    • Canova, Fabio. (2009) "What Explains the Great Moderation in the US? A Structural Analysis. Journal of the European Economic Association, 7, 697-721.
    • (2009) Journal of the European Economic Association , vol.7 , pp. 697-721
    • Canova, F.1
  • 12
    • 0036743879 scopus 로고    scopus 로고
    • Monetary Disturbances Matter for Business Fluctuations in the G-7
    • Canova, Fabio, and Gianni de Nicoló (2002) "Monetary Disturbances Matter for Business Fluctuations in the G-7. Journal of Monetary Economics, 49, 1131-59.
    • (2002) Journal of Monetary Economics , vol.49 , pp. 1131-1159
    • Canova, F.1    de Nicoló, G.2
  • 13
    • 79961185082 scopus 로고    scopus 로고
    • Multiple Filtering Devices for the Estimation of Cyclical DSGE Models
    • Canova, Fabio, and Filippo Ferroni (2011) "Multiple Filtering Devices for the Estimation of Cyclical DSGE Models. Quantitative Economics, 2, 73-98.
    • (2011) Quantitative Economics , vol.2 , pp. 73-98
    • Canova, F.1    Ferroni, F.2
  • 14
    • 79956102994 scopus 로고    scopus 로고
    • Does Money Have a Role in Shaping Domestic Business Cycles? An International Investigation
    • Canova, Fabio, and Tobias Menz (2011) "Does Money Have a Role in Shaping Domestic Business Cycles? An International Investigation. Journal of Money, Credit and Banking, 43, 577-607.
    • (2011) Journal of Money, Credit and Banking , vol.43 , pp. 577-607
    • Canova, F.1    Menz, T.2
  • 15
    • 65849391782 scopus 로고    scopus 로고
    • Back to Square One: Identification Issues in DSGE Models
    • Canova, Fabio, and Luca Sala (2009) "Back to Square One: Identification Issues in DSGE Models. Journal of Monetary Economics, 56, 431-49.
    • (2009) Journal of Monetary Economics , vol.56 , pp. 431-449
    • Canova, F.1    Sala, L.2
  • 17
    • 15844392342 scopus 로고    scopus 로고
    • Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
    • Christiano, Lawrence, Martin Eicfhenbaum, and Charles Evans (2005) "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy. Journal of Political Economy, 113, 1-45.
    • (2005) Journal of Political Economy , vol.113 , pp. 1-45
    • Christiano, L.1    Eicfhenbaum, M.2    Evans, C.3
  • 18
    • 84889735805 scopus 로고    scopus 로고
    • Financial Factors in Business Cycle." European Central Bank Working Paper No. 1192.
    • Christiano, Lawrence, Roberto Motto, and Massimo Rostagno (2010) "Financial Factors in Business Cycle." European Central Bank Working Paper No. 1192.
    • (2010)
    • Christiano, L.1    Motto, R.2    Rostagno, M.3
  • 19
    • 84889716762 scopus 로고    scopus 로고
    • Money Growth Monitoring and the Taylor Rule." NBER Working Paper No. 8539.
    • Christiano, Lawrence, and Massimo Rostagno (2001) "Money Growth Monitoring and the Taylor Rule." NBER Working Paper No. 8539.
    • (2001)
    • Christiano, L.1    Rostagno, M.2
  • 20
    • 0006260747 scopus 로고    scopus 로고
    • Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory
    • Clarida, Richard, Jordi Galí, and Mark Gertler (2000) "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory. Quarterly Journal of Economics, 115, 147-80.
    • (2000) Quarterly Journal of Economics , vol.115 , pp. 147-180
    • Clarida, R.1    Galí, J.2    Gertler, M.3
  • 22
    • 63349102104 scopus 로고    scopus 로고
    • Does Global Liquidity Help to Forecast US Inflation?
    • D'Agostino, Antonello, and Paolo Surico (2009) "Does Global Liquidity Help to Forecast US Inflation? Journal of Money, Credit and Banking, 41, 479-89.
    • (2009) Journal of Money, Credit and Banking , vol.41 , pp. 479-489
    • D'Agostino, A.1    Surico, P.2
  • 23
    • 55649090068 scopus 로고    scopus 로고
    • Forming Priors for DSGE Models (And How It Affects the Assessment of Nominal Rigidities)
    • Del Negro, Marco, and Frank Schorfheide (2008) "Forming Priors for DSGE Models (And How It Affects the Assessment of Nominal Rigidities). Journal of Monetary Economics, 55, 1191-1208.
    • (2008) Journal of Monetary Economics , vol.55 , pp. 1191-1208
    • Del Negro, M.1    Schorfheide, F.2
  • 24
    • 67349121777 scopus 로고    scopus 로고
    • Reconsidering the Role of Money for Output, Prices and Interest Rates
    • Favara, Giovanni, and Paolo Giordani (2009) "Reconsidering the Role of Money for Output, Prices and Interest Rates. Journal of Monetary Economics, 56, 419-30.
    • (2009) Journal of Monetary Economics , vol.56 , pp. 419-430
    • Favara, G.1    Giordani, P.2
  • 26
    • 0033371705 scopus 로고    scopus 로고
    • The Information in the High-Yield Bond Spread for the Business Cycle: Evidence and Some Implications
    • Gertler, Mark, and Cara S. Lown (1999) "The Information in the High-Yield Bond Spread for the Business Cycle: Evidence and Some Implications. Oxford Review of Economic Policy, 15, 132-50.
    • (1999) Oxford Review of Economic Policy , vol.15 , pp. 132-150
    • Gertler, M.1    Lown, C.S.2
  • 27
    • 84889732726 scopus 로고    scopus 로고
    • Using Simulation Methods for Bayesian Econometric Models: Inference, Development and Communication." Federal Reserve Bank of Minnesota Staff Report No. 249.
    • Geweke, John. (1998) "Using Simulation Methods for Bayesian Econometric Models: Inference, Development and Communication." Federal Reserve Bank of Minnesota Staff Report No. 249.
    • (1998)
    • Geweke, J.1
  • 29
    • 42649142942 scopus 로고    scopus 로고
    • Dynamic IS Curves with and without Money: An International Comparison
    • Hafer, Rik, and Garett Jones (2008) "Dynamic IS Curves with and without Money: An International Comparison. Journal of International Money and Finance, 27, 609-16.
    • (2008) Journal of International Money and Finance , vol.27 , pp. 609-616
    • Hafer, R.1    Jones, G.2
  • 30
    • 84889705987 scopus 로고    scopus 로고
    • Money's Role in the Monetary Business Cycle." NBER Working Paper No. 8115.
    • Ireland, Peter. (2001) "Money's Role in the Monetary Business Cycle." NBER Working Paper No. 8115.
    • (2001)
    • Ireland, P.1
  • 31
    • 4544289081 scopus 로고    scopus 로고
    • Money's Role in the Monetary Business Cycle
    • Ireland, Peter. (2004) "Money's Role in the Monetary Business Cycle. Journal of Money, Credit, and Banking, 36, 969-83.
    • (2004) Journal of Money, Credit, and Banking , vol.36 , pp. 969-983
    • Ireland, P.1
  • 32
    • 84889760076 scopus 로고    scopus 로고
    • Financial Innovations and Macroeconomic Volatility." Mimeo, Wharton School of the University of Pennsylvania and University of Southern California.
    • Jermann, Urban J., and Vincenzo Quadrini (2006) "Financial Innovations and Macroeconomic Volatility." Mimeo, Wharton School of the University of Pennsylvania and University of Southern California.
    • (2006)
    • Jermann, U.J.1    Quadrini, V.2
  • 33
    • 45849088342 scopus 로고    scopus 로고
    • The Time-Varying Volatility of Macroeconomic Fluctuations
    • Justiniano, Alejandro, and Giorgio Primiceri (2008) "The Time-Varying Volatility of Macroeconomic Fluctuations. American Economic Review, 98, 604-41.
    • (2008) American Economic Review , vol.98 , pp. 604-641
    • Justiniano, A.1    Primiceri, G.2
  • 35
    • 0005922398 scopus 로고
    • Real Money Balances and the Timing of Consumption: An Empirical Investigation
    • Koenig, Evan F. (1990) "Real Money Balances and the Timing of Consumption: An Empirical Investigation. Quarterly Journal of Economics, 105, 399-425.
    • (1990) Quarterly Journal of Economics , vol.105 , pp. 399-425
    • Koenig, E.F.1
  • 37
    • 2442527511 scopus 로고    scopus 로고
    • Testing for Indeterminacy: An Application to U.S. Monetary Policy
    • Lubik, Thomas, and Frank Schorfheide (2004) "Testing for Indeterminacy: An Application to U.S. Monetary Policy. American Economic Review, 94, 190-217.
    • (2004) American Economic Review , vol.94 , pp. 190-217
    • Lubik, T.1    Schorfheide, F.2
  • 38
    • 0000118629 scopus 로고    scopus 로고
    • Output Fluctuations in the United States: What Has Changed Since the Early 1980s?
    • McConnell, Margaret, and Gabriel Perez-Quiros (2000) "Output Fluctuations in the United States: What Has Changed Since the Early 1980s? American Economic Review, 90, 1464-76.
    • (2000) American Economic Review , vol.90 , pp. 1464-1476
    • McConnell, M.1    Perez-Quiros, G.2
  • 40
    • 0036084698 scopus 로고    scopus 로고
    • Direct Effects of Base Money on Aggregate Demand: Theory and Evidence
    • Nelson, Edward. (2002) "Direct Effects of Base Money on Aggregate Demand: Theory and Evidence. Journal of Monetary Economics, 49, 687-708.
    • (2002) Journal of Monetary Economics , vol.49 , pp. 687-708
    • Nelson, E.1
  • 41
    • 33846516252 scopus 로고    scopus 로고
    • Does Inflation Increase after a Monetary Policy Tightening? Answers Based on an Estimated DSGE Model
    • Rabanal, Pau. (2007) "Does Inflation Increase after a Monetary Policy Tightening? Answers Based on an Estimated DSGE Model. Journal of Economic Dynamics and Control, 31, 906-37.
    • (2007) Journal of Economic Dynamics and Control , vol.31 , pp. 906-937
    • Rabanal, P.1
  • 42
    • 27744497180 scopus 로고    scopus 로고
    • Comparing New Keynesian Models of the Business Cycle: A Bayesian Approach
    • Rabanal, Pau, and Juan Rubio-Ramírez (2005) "Comparing New Keynesian Models of the Business Cycle: A Bayesian Approach. Journal of Monetary Economics, 52, 1151-66.
    • (2005) Journal of Monetary Economics , vol.52 , pp. 1151-1166
    • Rabanal, P.1    Rubio-Ramírez, J.2
  • 43
    • 33644644318 scopus 로고    scopus 로고
    • Optimal Monetary Policy with the Cost Channel
    • Ravenna, Federico, and Carl E. Walsh (2006) "Optimal Monetary Policy with the Cost Channel. Journal of Monetary Economics, 53, 199-216.
    • (2006) Journal of Monetary Economics , vol.53 , pp. 199-216
    • Ravenna, F.1    Walsh, C.E.2
  • 44
    • 34547680391 scopus 로고    scopus 로고
    • Maintaining Low Inflation: Money, Interest Rates, and Policy Stance
    • Reynard, Samuel. (2007) "Maintaining Low Inflation: Money, Interest Rates, and Policy Stance. Journal of Monetary Economics, 54, 1441-71.
    • (2007) Journal of Monetary Economics , vol.54 , pp. 1441-1471
    • Reynard, S.1
  • 45
    • 79952155641 scopus 로고    scopus 로고
    • Two Illustrations of the Quantity Theory of Money: Breakdowns and Revivals
    • Sargent, Thomas J., and Paolo Surico (2011) "Two Illustrations of the Quantity Theory of Money: Breakdowns and Revivals. American Economic Review, 101, 113-32.
    • (2011) American Economic Review , vol.101 , pp. 113-132
    • Sargent, T.J.1    Surico, P.2
  • 46
    • 33645747482 scopus 로고    scopus 로고
    • Were There Regime Switches in U.S. Monetary Policy?
    • Sims, Chris, and Tao Zha (2006) "Were There Regime Switches in U.S. Monetary Policy? American Economic Review, 96, 54-81.
    • (2006) American Economic Review , vol.96 , pp. 54-81
    • Sims, C.1    Zha, T.2
  • 47
    • 34547309730 scopus 로고    scopus 로고
    • Shocks and Frictions in US Business Cycle: A Bayesian DSGE Approach
    • Smets, Frank, and Rafael Wouters (2007) "Shocks and Frictions in US Business Cycle: A Bayesian DSGE Approach. American Economic Review, 97, 586-606.
    • (2007) American Economic Review , vol.97 , pp. 586-606
    • Smets, F.1    Wouters, R.2
  • 48
    • 77952670964 scopus 로고    scopus 로고
    • Monetary Aggregates and the Business Cycle
    • Šustek, Roman. (2010) "Monetary Aggregates and the Business Cycle. Journal of Monetary Economics, 57, 451-65.
    • (2010) Journal of Monetary Economics , vol.57 , pp. 451-465
    • Šustek, R.1
  • 49
    • 0033147687 scopus 로고    scopus 로고
    • Inflation Targeting as a Monetary Policy Rule
    • Svensson, Lars E.O. (1999) "Inflation Targeting as a Monetary Policy Rule. Journal of Monetary Economics, 43, 607-54.
    • (1999) Journal of Monetary Economics , vol.43 , pp. 607-654
    • Svensson, L.E.1
  • 50
    • 68749119744 scopus 로고    scopus 로고
    • The Time-Varying Cost Channel of Monetary Transmission
    • Tillmann, Peter. (2009). "The Time-Varying Cost Channel of Monetary Transmission. Journal of International Money and Finance, 28, 941-53.
    • (2009) Journal of International Money and Finance , vol.28 , pp. 941-53
    • Tillmann, P.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.