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American Economic Review: Vol. 90 No. 5 (December 2000)
AER Volume. 90, Issue 5 | 
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Monetary Aggregates and Output
Article Citation
Freeman, Scott, and
Finn E. Kydland. 2000. "Monetary Aggregates and Output."
American Economic Review,
90(5): 1125-1135.
DOI: 10.1257/aer.90.5.1125
DOI: 10.1257/aer.90.5.1125
Abstract
We ask whether the following observations may result from endogenously determined fluctuations in the money multiplier rather than a causal influence of money on output: (i) M1 is positively correlated with real output; (ii) the money multiplier and deposit-to-currency ratio are positively correlated with output; (iii) the price level is negatively correlated with output; (iv) the correlation of M1 with contemporaneous prices is substantially weaker than the correlation of M1 with real output; (v) correlations among real variables are essentially unchanged under different monetary-policy regimes; and (vi) real money balances are smoother than money-demand equations would predict.
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Authors
Freeman, Scott (U TX)
Kydland, Finn E. (Carnegie Mellon U)
Kydland, Finn E. (Carnegie Mellon U)
JEL Classifications
E32: Business Fluctuations; Cycles
E51: Money Supply; Credit; Money Multipliers
E51: Money Supply; Credit; Money Multipliers
