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American Economic Review: Vol. 90 No. 5 (December 2000)

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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

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)

JEL Classifications

E32: Business Fluctuations; Cycles
E51: Money Supply; Credit; Money Multipliers


American Economic Review


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