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This paper studies optimal monetary policy in a model with credit frictions and money demand. We show that augmenting a standard New-Keynesian model with money demand and financial frictions generates a mechanism that, in equilibrium, gives rise to optimal negative nominal interest rates. In...
Persistent link: https://www.econbiz.de/10012993909
The study seeks to examine the impact of financial deregulation on the money demand in Malaysia and the implication of … Malaysia and a greater income elasticity of money demand supported by growing degree of monetization and substantial …
Persistent link: https://www.econbiz.de/10012746600
, Malaysia, Singapore, and Thailand since the early 1980s. The empirical results indicate continuing instability in the …
Persistent link: https://www.econbiz.de/10014403342
This paper examines five possible explanations for the Great Recession of 2008 and 2009, using data for the United States and the eurozone. Of these five hypotheses, four are not supported by the data, while the fifth appears reasonable.
Persistent link: https://www.econbiz.de/10010419411
Persistent link: https://www.econbiz.de/10012002060
gleichkam. Was jedoch die empirische Beweislage mit Hinblick auf Kreditrationierung im Allgemeinen und die Credit Crunch …
Persistent link: https://www.econbiz.de/10011853282
This article shows that the "risk premium" shock in Smets and Wouters (2007) can be interpreted as a structural shock to the demand for safe and liquid assets such as short-term US Treasury securities. Several implications of this interpretation are discussed.
Persistent link: https://www.econbiz.de/10010418208
Empirical tests of the quantity theory and particularly the neutrality of money are based on the idea that money growth "explains", to some extent, inflation. Modern macroeconomic theory, however, considers inflation targeting central banks which use the interest rate as a policy tool, while...
Persistent link: https://www.econbiz.de/10011893725
Persistent link: https://www.econbiz.de/10009412188
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