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      <record key="001" att1="001" value="LIB910050603" att2="LIB910050603">001   LIB910050603</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/eco/es-42.pdf</field>
      <field key="079" subkey="z">Cooley, Thomas F. - et al., Unanticipated Money (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihsesp/42.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Economics Series; 42 (RePEc)</field>
      <field key="100" subkey="">Cooley, Thomas F.</field>
      <field key="103" subkey="">Department of Economics, University of Rochester</field>
      <field key="104" subkey="a">Hansen, Gary D.</field>
      <field key="107" subkey="">Department of Economics, University of California, Los Angeles</field>
      <field key="331" subkey="">Unanticipated Money</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">1997, March</field>
      <field key="433" subkey="">27 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Ökonomie; 42</field>
      <field key="451" subkey="h">Kunst, Robert M. (Ed.) ; Fisher, Walter (Ed.) ; Riedl, Arno (Ed.)</field>
      <field key="461" subkey="">Economics Series</field>
      <field key="544" subkey="">IHSES 42</field>
      <field key="700" subkey="">E32</field>
      <field key="700" subkey="">E52</field>
      <field key="720" subkey="">Business Cycles</field>
      <field key="720" subkey="">Monetary Policy</field>
      <field key="720" subkey="">Aggregate Fluctuations</field>
      <field key="720" subkey="">Real Business Cycles</field>
      <field key="753" subkey="">Abstract: The role of unanticipated changes in money growth for aggregate fluctuations is reexamined using the methods of</field>
      <field key="qua" subkey="n">titative equilibrium business cycle theory. A stochastic growth model with money is constructed that has the feature,</field>
      <field key="fol" subkey="l">owing Lucas (1972, 1975), that production and trade take place in spatially separated markets (islands). Individuals must</field>
      <field key="inf" subkey="e">r changes in the aggregate price level from observing local relative prices. This causes individuals to react to changes in</field>
      <field key="the" subkey="">average price level, due to unanticipated changes in the aggregate money supply, as though they were changes in market</field>
      <field key="spe" subkey="c">ific relative prices. We show that this mechanism can lead to quantitatively large fluctuations in real economic activity.</field>
      <field key="The" subkey="">statistical properties of these fluctuations, however, are quite different from the properties of fluctuations observed in</field>
      <field key="the" subkey="">U.S. economy.;</field>
    </SEQUENTIAL>
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