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Federal Reserve Bank of Cleveland
Economic Review
Why we don't know whether money causes output
Charles T. Carlstrom
Edward N. Gamber
Abstract

An examination of the commonly accepted positive correlation between money and real output, including a review of several models of business cycles and an explanation of how money can be neutral and yet still appear to affect real output.


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Charles T. Carlstrom & Edward N. Gamber, "Why we don't know whether money causes output" , Federal Reserve Bank of Cleveland, Economic Review, issue Q III, pages 27-39, 1989.
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