A Comparison of Exchange Economies within a Monetary Business Cycle
21 Pages Posted: 14 Jul 2005
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 affect 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, inflation and the nominal interest rate.
Suggested Citation: Suggested Citation
Benk, Szilard and Gillman, Max and Kejak, Michal, A Comparison of Exchange Economies within a Monetary Business Cycle. Manchester School, Vol. 73, No. 4, pp. 542-562, July 2005, Available at SSRN: https://ssrn.com/abstract=758576
Do you have a job opening that you would like to promote on SSRN?
Feedback
Feedback to SSRN
If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday.