Arbeitspapier
US volatility cycles of output and inflation, 1919 - 2004: A money and banking approach to a puzzle
The post-1983 moderation coincided with an ahistorical divergence in the money aggregate growth and velocity volatilities away from the downward trending GDP and inflation volatilities. Using an endogenous growth monetary DSGE model, with micro-based banking production, enables a contrasting characterization of the two great volatility cycles over the historical period of 1919-2004, and enables this puzzle to be addressed more easily. The volatility divergence is explained by the upswing in the credit volatility that kept money supply variability from translating into inflation and GDP volatility.
- Sprache
-
Englisch
- Erschienen in
-
Series: Cardiff Economics Working Papers ; No. E2008/28
Klassifikation
Wirtschaft
General Aggregative Models: Neoclassical
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
General Aggregative Models: Neoclassical
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
Thema
volatility
money and credit shocks
growth
inflation
Gesamtwirtschaftliche Produktion
Inflationsrate
Volatilität
Kreditmarkt
Geldangebot
Dynamisches Gleichgewicht
USA
money and credit shocks
growth
inflation
Gesamtwirtschaftliche Produktion
Inflationsrate
Volatilität
Kreditmarkt
Geldangebot
Dynamisches Gleichgewicht
USA
Ereignis
Geistige Schöpfung
(wer)
Benk, Szilárd
Gillman, Max
Kejak, Michal
Gillman, Max
Kejak, Michal
Ereignis
Veröffentlichung
(wer)
Cardiff University, Cardiff Business School
(wo)
Cardiff
(wann)
2008
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:25 MESZ
Objekttyp
- Arbeitspapier
Beteiligte
- Benk, Szilárd
- Gillman, Max
- Kejak, Michal
- Cardiff University, Cardiff Business School
Entstanden
- 2008
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