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| Author: | Cooley, T. F. Hansen, G. D. |
| Title: | The role of monetary shocks in equilibrium business cycle theory: Three examples |
| Journal: | European Economic Review
1998 : MAY, VOL. 42:3-5, p. 605-617 |
| Index terms: | BUSINESS CYCLES MONETARY SYSTEM PAY CONTRACTS MONEY GROWTH |
| Language: | eng |
| Abstract: | Three equilibrium business cycle models are studied. The models studied differ in the mechanism through which monetary growth shocks affect the economy. In the paper, some monetary features of business cycles in postwar US data are reviewed. These are compared with the same properties computed for the artificial economies. The goal is to identify the features that remain puzzling, and how the form of the mechanism matters. |
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