Arbeitspapier
Financial conditions and the money-output relationship in Canada
We propose a drifting-coefficient model to empirically study the effect of money on output growth in Canada and to examine the role of prevailing financial conditions for that relationship. We show that such a time-varying approach can be a useful way of modelling the impact of money on growth, and can partly reconcile the lack of concensus in the literature on the question of whether money affects growth. In addition, we find that credit conditions also play a role in that relationship. In particular, there is an additional negative short-run impact of money on growth when credit is not readily available, supporting the precautionary motive for holding money. Finally, money is found to have no effect on output growth in the long-run.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Canada Working Paper ; No. 2012-33
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Money Supply; Credit; Money Multipliers
- Thema
-
Monetary aggregates
Credit and credit aggregates
Business fluctuations and cycles
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kichian, Maral
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Canada
- (wo)
-
Ottawa
- (wann)
-
2012
- DOI
-
doi:10.34989/swp-2012-33
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Kichian, Maral
- Bank of Canada
Entstanden
- 2012
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