THE SOURCE OF FLUCTUATIONS IN MONEY - EVIDENCE FROM TRADE CREDIT
成果类型：
Article
署名作者：
RAMEY, VA
署名单位：
National Bureau of Economic Research
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(92)90059-B
发表日期：
1992
页码：
171-193
关键词：
摘要：
This paper tests the relative importance of technology shocks and financial shocks as sources of fluctuations in money. The model extends the theory of King and Plosser (1984) by recognizing that both money and trade credit provide transactions services. Under certain conditions, the co-movements between money and trade credit can reveal the nature of the underlying shocks. The empirical results strongly suggest that shocks to the financial system account for most of the fluctuations in money in the long run and at business cycle frequencies. On the other hand, technology shocks appear to be more important at seasonal frequencies.
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