Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks
在新古典货币商业周期模型中引入内生增长和信贷冲击，发现货币与信贷冲击解释了大部分货币流通速度的波动，且内生增长对构建这些冲击至关重要。
The paper sets the neoclassical monetary business cycle model within endogenous growth, adds exchange credit shocks, and finds that money and credit shocks explain much of the velocity variations. The role of the shocks varies across subperiods in an intuitive fashion. Endogenous growth is key to the construction of the money and credit shocks because these have similar effects on velocity, but opposite effects upon growth. The model matches the data's average velocity and simulates well velocity volatility. Its Cagan‐like money demand means that money and credit shocks cause greater velocity variation, the higher is the nominal interest rate.