On money and output in the Euro area: is money redundant?
Karfakis, Costas
On money and output in the Euro area: is money redundant? created by Costas Karfakis, - International economic journal Volume 27, number 3 .
This paper examines the relationship between money and future movements in output at business-cycle frequencies in the euro area. Importantly, the evidence suggests that the money stock is found to significantly affect output independent of the real interest rate. This finding supports the argument made by Meltzer Citation(2001) that the effects of monetary policy actions on the real economy are not fully captured by the short-term real rate.
10168737
Output gap--Real interest rate, Business cycle, Gross domestic product--Eurozone--Real money
HB1A1 INT
On money and output in the Euro area: is money redundant? created by Costas Karfakis, - International economic journal Volume 27, number 3 .
This paper examines the relationship between money and future movements in output at business-cycle frequencies in the euro area. Importantly, the evidence suggests that the money stock is found to significantly affect output independent of the real interest rate. This finding supports the argument made by Meltzer Citation(2001) that the effects of monetary policy actions on the real economy are not fully captured by the short-term real rate.
10168737
Output gap--Real interest rate, Business cycle, Gross domestic product--Eurozone--Real money
HB1A1 INT