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| Author: | King, R. Watson, M. |
| Title: | Money, prices, interest rates and the business cycle |
| Journal: | Review of Economics and Statistics
1996 : FEB, VOL. 78:1, p. 35-53 |
| Index terms: | MONEY INTEREST RATES STATISTICS PRICES |
| Language: | eng |
| Abstract: | The mechanisms governing the relationshp of money, prices and interest rates to the business cycles are the most studied and most disputed topics in macroeconomics. In this paper, the authors first document key empirical aspects of this relationship. The authors then ask how well three benchmark rational expectations macroeconomic models account for these central facts. While the models have diverse successes and failures, none can account for the fact that real and nominal interest tests are "inverted leading indicators" of real economic activity. |
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