An Empirical Analysis of the Markets for Goods, Money, and Credit

Several reasons exist making it necessary to consider credit aggregates when creating a theoretical or empirical representation of macroeconomic activity, and evidence exists suggesting that suppressing the credit market causes important information to be lost. A model is presented and discussed tha...

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Bibliographic Details
Published in:Journal of money, credit and banking credit and banking, 1985-02, Vol.17 (1), p.28-42
Main Author: Fackler, James S.
Format: Article
Language:English
Subjects:
Aggregate income
Analysis
Bank credit
Causality
Credit
Economic activity
Economic models
Economic policy
Economic theory
Estimating techniques
GNP
Gross National Product
Implications
Inflation rates
Interest rates
Long term
Macroeconomics
Markets
Modeling
Monetary policy
Money supply
Real output
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Summary:Several reasons exist making it necessary to consider credit aggregates when creating a theoretical or empirical representation of macroeconomic activity, and evidence exists suggesting that suppressing the credit market causes important information to be lost. A model is presented and discussed that differs from earlier models in that it uses a three-market aggregate model of goods, money and bonds in which there are three quantity variables and two relative price variables. After the estimation technique is presented and the model is estimated and criticized, some of the more important economic implications of the analysis are discussed.
ISSN:0022-2879
1538-4616
DOI:10.2307/1992504