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- W3124457487 abstract "This paper analyzes three equilibrium business cycle models that differ according to the mechanism through which monetary growth shocks affect the economy. These include models with inflation tax effects [as in Cooley and Hansen (1989, 1995)], with staggered nominal wage contracts [as in Cho and Cooley (1995)], and with unanticipated inflation effects [as in Lucas (1975) and Cooley and Hansen (1997)]. We review the most important monetary features of business cycles in post-war U.S. data and compare these with the same features of the artificial economies. Our goal is to identify characteristics of the business cycle that each mechanism helps to explain, the features that remain puzzling, and to describe how the form of the mechanism matters." @default.
- W3124457487 created "2021-02-01" @default.
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- W3124457487 date "1999-01-05" @default.
- W3124457487 modified "2023-09-26" @default.
- W3124457487 title "The Role of Monetary Shocks in Equilibrium Business Cycle Theory: Three Examples" @default.
- W3124457487 hasPublicationYear "1999" @default.
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