| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2891 |
| 来源ID | Working Paper 2891 |
| The Variability of Velocity in Cash-In-Advance Models | |
| Robert J. Hodrick; Narayana Kocherlakota; Deborah Lucas | |
| 发表日期 | 1989-03-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | Early cash-in-advance models have the feature that the cash-in-advance constraint always binds, implying that the velocity of money is constant. Lucas (1984) and Svensson (1985) propose a change in information structure that potentially allows velocity to vary. By calibrating a version of these models using a new solution algorithm, and using U.S. time series data on consumption growth and money growth, we find that in practice the cash-in-advance constraint almost always binds. This result is robust to changes in the forcing process, the inclusion of credit goods along with cash goods, various preference specifications, and changes in the precision of the agents' information. We conclude that there is little practical gain in using these more complicated informational specifications in future applications of a cash-in-advance technology. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w2891 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560160 |
| 推荐引用方式 GB/T 7714 | Robert J. Hodrick,Narayana Kocherlakota,Deborah Lucas. The Variability of Velocity in Cash-In-Advance Models. 1989. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2891.pdf（333KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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