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| Author: | Farmer, R. |
| Title: | Money in a real business cycle model |
| Journal: | Journal of Money, Credit and Banking
1997 : NOV, VOL. 29:4/2, p. 568-611 |
| Index terms: | MONEY BUSINESS CYCLES MODELS |
| Language: | eng |
| Abstract: | This paper constructs a real business cycle model in which real money balances yield utility. The author calibrates the model to fit the first moments of US data and simulates a set of impulse response functions that are generated by the model for GDP, the rate of interest, money growth, and real balances. These theoretical impulse responses are compared with actual impulse responses from US data. |
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