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Autor:innen: 
Erscheinungsjahr: 
2015
Quellenangabe: 
[Journal:] Southern Economic Journal [ISSN:] 2325-8012 [Volume:] 82 [Issue:] 1 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2015 [Pages:] 152-184
Verlag: 
Wiley, Hoboken, NJ
Zusammenfassung: 
This article checks whether money is an omitted variable in the production process by proposing a microfounded New Keynesian Dynamic Stochastic General Equilibrium model. In this framework, real money balances enter the production function, and money demanded by households is differentiated from that demanded by firms. Using a Bayesian analysis, our model weakens the hypothesis that money is a factor of production. However, the demand of money by firms appears to have a significant impact on the economy, even if this demand has a low weight in the production process.
Schlagwörter: 
Money demand
Money supply
DSGE models
Bayesian estimation
Production function
Production factors
JEL: 
E23
E31
E51
DOI der veröffentlichten Version: 
Dokumentart: 
Article
Dokumentversion: 
Accepted Manuscript (Postprint)
Erscheint in der Sammlung:

Datei(en):
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