1 option
Endogenous Money or Sticky Prices? / Peter N. Ireland.
- Format:
- Book
- Author/Creator:
- Ireland, Peter N.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9390.
- NBER working paper series no. w9390
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- What explains the correlations between nominal and real variables in the postwar US data? Are these correlations indicative of significant nominal price rigidity? Or do they simply reflect the particular way that monetary policymakers 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.
- Notes:
- Print version record
- December 2002.
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