Credit shocks in a monetary business cycle

Gillman, Max, Kejak, Michal and Benk, Szilard 2004. Credit shocks in a monetary business cycle. Presented at: Society for Economic Dynamics 2004 Meeting, Florence, Italy, 1-3 July 2004. 2004 Meeting Papers (133)

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Abstract

The paper sets out a monetary business cycle model extended to include the production of credit that serves as an alternative to money in transactions and is subject to productivity shocks. The model provides some improvement on certain puzzles, in particular by capturing the procyclic movements of monetary aggregates, inflation and interest rates. And its application to analyse banking episodes indicates that the credit shock helps explain cycle behavior during the US financial deregulation period of the 1980s and 1990s

Item Type:	Conference or Workshop Item (Paper)
Date Type:	Completion
Status:	Unpublished
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HB Economic Theory
Uncontrolled Keywords:	Credit shock; deregulation; inflation; cash-in-advance
Last Modified:	19 Mar 2016 23:15
URI:	https://orca.cardiff.ac.uk/id/eprint/44500

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