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Jovanovic, Boyan - 2001

Our paper reports the following two findings: 1) In monthly data, bond purchases by the Fed raise bond prices and reduce bond yields. The residual bond-supply to traders is not fully predictable, and this supply-risk adds between 10 and 40 basis points to the standard deviation of the real...

Persistent link: https://www.econbiz.de/10012470119

Liquidity Effects, Monetary Policy, and the Business Cycle

Eichenbaum, Martin - 1992

This paper presents new empirical evidence to support the hypothesis that positive money supply shocks drive short-term interest rates down. We then present a quantitative, general equilibrium model which is consistent with the hypothesis. The two key features of our model are that (i) money...

Persistent link: https://www.econbiz.de/10012474841

Liquidity Effects and the Monetary Transmission Mechanism

Christiano, Lawrence J. - 1992

liquidity effects. This paper discusses the basic frictions and mechanisms underlying this new class of models and investigates … long-lasting, quantitatively significant liquidity effects, as well as persistent increases in aggregate economic activity …

Persistent link: https://www.econbiz.de/10012475008

Identification and the Liquidity Effect of a Monetary Policy Shock

Christiano, Lawrence J. - 1991

Conventional wisdom holds that unanticipated expansionary monetary policy shocks cause transient but persistent decreases in real and nominal interest rates. However a number of econometric studies argue that the evidence favors the opposite view, namely that these shocks actually raise, rather...

Persistent link: https://www.econbiz.de/10012475068

Liquidity Deflation and Liquidity Trap under Flexible Prices : Some Microfoundations and Implications

Calvo, Guillermo A. - 2019

The paper discusses simple microfoundations for Liquidity Deflation (Calvo 2016, Chapter 2), which gives rise to … liquidity trap under perfectly flexible prices/wages. Unlike Keynes (1936), this is a Supply Side Liquidity Trap, SSLT, not … by administered prices/wages. Moreover, contrary to (Friedman 1969), under Liquidity Deflation the Optimal Quantity of …

Persistent link: https://www.econbiz.de/10012480221

Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework

Canzoneri, Matthew - 2008

-Wicksellian model and then adds banks and a role for bonds in the liquidity management of households and banks. The Banks and Bonds …

Persistent link: https://www.econbiz.de/10012464403

Money in a Theory of Banking

Diamond, Douglas W. - 2003

We explore the connection between money, banks, and aggregate credit. We start with a simple real' model without money, where banks make loans repayable in goods and depositors hold claims on the bank payable on demand in goods. Aggregate production may be delayed in the economy. If so, we show...

Persistent link: https://www.econbiz.de/10012468624

Menu Costs and Phillips Curves

Golosov, Mikhail - 2003

This paper develops a model of a monetary economy in which individual firms are subject to idiosyncratic productivity …

Persistent link: https://www.econbiz.de/10012468507

One Hundred Years of Exchange Rate Economics at The University of Chicago : 1892-1992

Edwards, Sebastian - National Bureau of Economic Research - 2023

In this paper I analyze the work on exchange rates and external imbalances by University of Chicago faculty members during the university's first hundred years, 1892-1992. Many people associate Chicago's views with Milton Friedman's advocacy for flexible exchange rates. But, of course, there was...

Persistent link: https://www.econbiz.de/10014447249

Reorganization

Hall, Robert E. - 1999

, productivity is higher. The probabilistic matching model of Diamond, Mortensen, and others provides a way to make the idea of …

Persistent link: https://www.econbiz.de/10012471607

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