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Money and Output: Friedman and Schwartz Revisited / Michael T. Belongia, Peter N. Ireland.
- Format:
- Book
- Author/Creator:
- Belongia, Michael T.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w21796.
- NBER working paper series no. w21796
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Money and Output
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2015.
- Summary:
- More than fifty years ago, Friedman and Schwartz examined historical data for the United States and found evidence of pro-cyclical movements in the money stock, which led corresponding movements in output. We find similar correlations in more recent data; these appear most clearly when Divisia monetary aggregates are used in place of the Federal Reserve's official, simple-sum measures. When we use information in Divisia money to estimate a structural vector autoregression, identified monetary policy shocks appear to have large and persistent effects on output and prices, with a lag that has lengthened considerably since the early 1980s.
- Notes:
- Print version record
- December 2015.
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