Explaining International Comovements of Output and Asset Returns : The Role of Money and Nominal Rigidities

The Role of Money and Nominal Rigidities

Explaining International Comovements of Output and Asset Returns : The Role of Money and Nominal Rigidities
Empirically, output and asset returns are highly positively correlated across the United States and the other major industrialized countries. Standard business cycle models that assume flexible prices and wages, in the Real Business Cycle tradition, have great difficulties explaining this fact. This paper presents a dynamic-optimizing stochastic... READ MORE...

Publication date: June 1999
ISBN 9781451850628
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