Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/65792
Authors: 
Benk, Szilárd
Gillman, Max
Kejak, Michal
Year of Publication: 
2008
Series/Report no.: 
Cardiff Economics Working Papers E2008/28
Abstract: 
The post-1983 moderation coincided with an ahistorical divergence in the money aggregate growth and velocity volatilities away from the downward trending GDP and inflation volatilities. Using an endogenous growth monetary DSGE model, with micro-based banking production, enables a contrasting characterization of the two great volatility cycles over the historical period of 1919-2004, and enables this puzzle to be addressed more easily. The volatility divergence is explained by the upswing in the credit volatility that kept money supply variability from translating into inflation and GDP volatility.
Subjects: 
volatility
money and credit shocks
growth
inflation
JEL: 
E13
E32
E44
Document Type: 
Working Paper

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