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Publication year
Monetary Aggregates and Output
Resource type
Authors/contributors
- Freeman, Scott (Author)
- Kydland, Finn E. (Author)
Title
Monetary Aggregates and Output
Abstract
We ask whether the following observations may result from endogenously determined fluctuations in the money multiplier rather than a causal influence of money on output: (i) M1 is positively correlated with real output; (ii) the money multiplier and deposit-to-currency ratio are positively correlated with output; (iii) the price level is negatively correlated with output; (iv) the correlation of M1 with contemporaneous prices is substantially weaker than the correlation of M1 with real output; (v) correlations among real variables are essentially unchanged under different monetary-policy regimes; and (vi) real money balances are smoother than money-demand equations would predict.
Publication
American Economic Review
Volume
90
Issue
5
Pages
1125-1135
Date
2000-12
Citation
Freeman, S., & Kydland, F. E. (2000). Monetary Aggregates and Output. American Economic Review, 90, 1125–1135.
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