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Optimal stabilization policy with endogenous firm entry
Berentsen, Aleksander; Waller, Christopher J. - Federal Reserve Bank of St. Louis - 2009
stabilization policy in a DSGE model with microfounded money demand and endogenous firm entry. Due to a congestion externality …
Persistent link: https://www.econbiz.de/10005077874
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Price level targeting and stabilization policy
Berentsen, Aleksander; Waller, Christopher J. - Federal Reserve Bank of St. Louis - 2009
fully flexible and money is essential for trade. Our main result is that if the central bank pursues a price-level target … policy involves smoothing nominal interest rates which effectively smooths consumption across states. …
Persistent link: https://www.econbiz.de/10005077878
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Random matching and money in the neoclassical growth model: some analytical results
Waller, Christopher J. - Federal Reserve Bank of St. Louis - 2009
I use the monetary version of the neoclassical growth model developed by Aruoba, Waller and Wright (2008) to study the properties of the model when there is exogenous growth. I first consider the planner's problem, then the equilibrium outcome in a monetary economy. I do so by first using...
Persistent link: https://www.econbiz.de/10005077879