A Classical View of the Business Cycle
构建了一个结构向量自回归模型，允许古典货币传导渠道与现代新凯恩斯利率渠道并存，并用美国数据验证了Fisher和Working的理论。
Abstract In the 1920s, Irving Fisher described how variations in the price level, presumably caused by changes in the money stock, were associated with cyclical movements in output and employment. At the same time, Holbrook Working designed a rule for achieving price stability through control of the money supply. This paper develops a structural vector autoregression that allows these “classical” channels of monetary transmission to operate alongside the modern New Keynesian interest rate channel. Even with Bayesian priors favoring the New Keynesian view, the U.S. data produce posterior distributions for the model's parameters consistent with the ideas of Fisher and Working.