Search Results
Journal Article
Why we don't know whether money causes output
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.
Working Paper
Magnification effects and acyclical real wages
An analysis of a one-period, two-sector model in which firms must pay a fixed cost of hiring. The authors show that this type of model results in more employment variability and less-procyclical wages than do models without fixed hiring costs.
Journal Article
Does the Fed cause Christmas?
A discussion of the relationship between money and output, with emphasis on the possibility that changes in output precede changes in money.