摘要:We present maximum likelihood estimates of a small scale dynamic
general equilibrium model for the Eurozone. We pay special attention
to the role of money, both through its direct effect upon private agents’
decisions and as a component of the monetary policy rule. Our results
can be summarized as follows. First, we find no direct effect of money
upon inflation and output but money growth plays a significant role in
the interest rate rule. Second, money demand shocks mainly help to
forecast real balances while real shocks explain the bulk of price, output
and interest rates fluctuations. Third, the estimated model predicts sensible
conditional correlations among those variables both to demand and
supply disturbances. Finally, the systematic response of interest rates
to money growth does not seem to have affected the output-inflation
variability trade-off.