Peter N. Ireland

Bibliographic Information

NBER Working Paper No. 8115
Issued in February 2001
NBER Program(s):ME

Published: Ireland, Peter N. "Money's Role In The Monetary Business Cycle," "Journal of Money, Credit and Banking, 2004, v36(6,Dec), 969-983. citation courtesy of

Available Formats


A small, structural model of the monetary business cycle implies that real money balances enter into a correctly-specified, forward-looking IS curve if and only if they enter into a correctly-specified, forward-looking Phillips curve. The model also implies that empirical measures of real balances must be adjusted for shifts in money demand to accurately isolate and quantify the dynamic effects of money on output and inflation. Maximum likelihood estimates of the model's parameters take both of these considerations into account, but still suggest that money plays a minimal role in the monetary business cycle.

National Bureau of Economic Research
1050 Massachusetts Ave.
Cambridge, MA 02138

Twitter RSS

View Full Site: One timeAlways