Endogenous money or sticky prices?

• 成果类型: Article
• 署名作者: Ireland, PN
• 署名单位: Boston College; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2003.01.001
• 发表日期: 2003
• 页码: 1623-1648
• 关键词: endogenous money; sticky prices

摘要

What explains the correlations between nominal and real variables in the postwar US data? Are these correlations indicative of significant nominal rigidity? Or do they simply reflect the particular way that monetary policyrnakers react to developments in the real economy? To answer these questions, this paper uses maximum likelihood to estimate a model of endogenous money. This model allows, but does not require, nominal prices to be sticky. The results show that nominal price rigidity, over and above endogenous money, plays a role in accounting for key features of the data. (C) 2003 Elsevier B.V. All rights reserved.