Unanticipated Money Growth and the Business Cycle Reconsidered
用定量均衡经济周期理论方法，重新检验了未预期的货币增长对总体经济波动的作用，构建了一个包含空间隔离市场的随机增长模型，发现该机制能引发实际经济活动的大幅波动，但其统计特性与美国经济周期存在显著差异。
The role of unanticipated changes in money growth for aggregate fluctuations is reexamined using the methods of quantitative equilibrium business cycle theory. A stochastic growth model with money is constructed in which production and trade take place in spatially separated markets (islands). Following Robert E. Lucas (1972, 1975), individuals only observe prices in their own local market, causing them to confuse changes in the average price level with changes in market specific relative prices. The authors show that this mechanism can lead to large fluctuations in real economic activity. Some aspects of the statistical properties of these fluctuations, however, differ significantly from those describing U.S. business cycles. Copyright 1997 by Ohio State University Press.