Showing 1 - 10 of 63
Persistent link: https://www.econbiz.de/10005051307
This paper studies optimal interest-rate policies when the central bank operates a channel system of interest-rate control. We conduct our analysis in a dynamic general equilibrium model with infinitely-lived agents who are subject to idiosyncratic trading shocks which generate random liquidity...
Persistent link: https://www.econbiz.de/10004970313
This article complements the structural New-Keynesian macro framework with a no-arbitrage term structure model. Whereas our methodology is general, we focus on an extended macro-model with an unobservable time-varying markup and stochastic risk aversion. Term structure information helps to...
Persistent link: https://www.econbiz.de/10005090884
examine the relationship between inflation and consumption inequality in the economy …
Persistent link: https://www.econbiz.de/10005090919
A model is developed that employs recent developments in the literature on search models of money to capture the distributional effects of monetary policy in a tractable way. Deterministic and stochastic versions of the model are studied. Money is not neutral, and these non-neutralities persist,...
Persistent link: https://www.econbiz.de/10005069480
A defining feature of business cycles is the comovement of inputs at the sectorial level with aggregate activity. Standard models cannot account for this phenomenon. This paper develops and estimates a two-sector dynamic general equilibrium model which can account for this key regularity. My...
Persistent link: https://www.econbiz.de/10005051436
Persistent link: https://www.econbiz.de/10005051389
Models where money arises due to a transactions motive imply that an increase in aggregate activity will raise the demand for money. Models where money arises due to money being the most preferred form of precautionary savings imply that a decrease in individual uncertainty will lower the demand...
Persistent link: https://www.econbiz.de/10005069512
, in particular by capturing the procyclic movements of monetary aggregates, inflation and interest rates. And its …
Persistent link: https://www.econbiz.de/10004970344
buy the market good. An increase in inflation raises the price of the corruption service, reduces the non-market good …
Persistent link: https://www.econbiz.de/10005090791