MONEY AND OUTPUT: A TEST OF REVERSE CAUSATION
用货币内生模型解释货币与产出的领先滞后相关性，发现模型虽能匹配部分美国战后数据特征，但无法解释关键的相关模式，对货币内生性单独解释货币产出相关性提出质疑。
This paper attempts to explain the correlation between money and output at various leads and lags with a model in which money is largely neutral and endogenously responds to output. Money is endogenous because both monetary policy and deposit creation are endogenous. Parameters are selected according to the simulated moments estimation technique. While the estimated model succeeds along some dimensions in matching properties of postwar U.S. data, its failure to match key patterns of lead-lag correlations seems to cast doubt on the ability of endogenous money determination, by itself, to quantitatively account for the observed money-output correlations. Copyright 1996 by American Economic Association.