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| Author: | Floden, M. |
| Title: | Endogenous monetary policy and the business cycle |
| Journal: | European Economic Review
2000 : AUG, VOL. 44:8, p. 1409-1429 |
| Index terms: | Money supply Inflation Central banks Business cycles Models |
| Freeterms: | Fluctuations |
| Language: | eng |
| Abstract: | The correlations and volatilities of real variables seem to be stable over time, but the relation btw. nominal and real variables is unstable. This paper looks at a business cycle model where the central bank sets money supply. It is found that small changes in the central bank's preferences can generate large changes in the derived money supply rule and in correlations btw. nominal and real variables. |
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