AGGREGATION AND OPTIMIZATION WITH STATE-DEPENDENT PRICING: A COMMENT..作者:Damjanovic, Vladislav
Nolan, Charles.
来源:Econometrica; Mar2006, Vol. 74 Issue 2, p565-573, 9p.
文献类型:Article.
主题语:*CORRELATION (Statistics)
*PRODUCTION (Economic theory)
*VARIANCES
*MONEY supply
*ECONOMIC models
*STATISTICS.
作者提供的关键字:(S, s) pricing
Macroeconomic dynamics
money-output correlations.
摘要:A key argument in Caplin and Leahy (1997) states that the correlation between monetary shocks and output is falling in the variance of the money supply. We demonstrate that this conclusion depends on solving for the correlation in the nonstationary state of the model. In the stationary state, that correlation is initially rising. [ABSTRACT FROM AUTHOR].
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ISSN:00129682.
入藏编号:20439378.
数据库: Business Source Complete

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