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Optimal monetary policy in a new Keynesian model with habits in consumption
Leith, Campbell B.; Moldovan, Ioana R.; Rossi, Raffaele - 2009
While consumption habits have been utilised as a means of generating a hump shaped output response to monetary policy shocks in sticky-price New Keynesian economies, there is relatively little analysis of the impact of habits (particularly, external habits) on optimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10003867095
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Escaping nash inflation
Cho, In-Koo; Sargent, Thomas J. - 2000
Persistent link: https://www.econbiz.de/10001490967
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Systemic risk and financial development in a monetary model
Moutot, Philippe Pierre - 2011
In a stochastic pure endowment economy with money but no financial markets, two types of agents trade one non … money partition dynamics that the two variants generate absent any macroeconomic shock, exhibit jumps as well as fat …
Persistent link: https://www.econbiz.de/10009160002
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Counterfeiting and inflation
Monnet, Cyril (contributor) - 2005
In this paper I show that a lax anti-counterfeiting policy is inconsistent with price stability. I use a deterministic matching model with no commitment and no enforcement. An intrinsically worthless but perfectly durable object called a ‘note’ can be produced by banks at a given cost, but...
Persistent link: https://www.econbiz.de/10003057283
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Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous
Barnett, William A. - 2003
We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European … aggregation over countries. Our theory permits monitoring the effects of policy at the aggregate level over the euro area, while …
Persistent link: https://www.econbiz.de/10009635917
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Money and payments
Holthausen, Cornelia; Monnet, Cyril - 2003
The role of money in society has been a controversial topic in economic theory over many years. Particular attention … has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left … today we have competition between issuers of money, namely in the international context, with electronic money, and in large …
Persistent link: https://www.econbiz.de/10009635956
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The information content of money and credit for US activity
Albuquerque, Bruno; Baumann, Ursel; Seitz, Franz - 2015
Persistent link: https://www.econbiz.de/10011288696
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Money, credit, monetary policy and the business cycle in the euro area : what has changed since the crisis?
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2019
This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...
Persistent link: https://www.econbiz.de/10011959310
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Monetary policy, agent heterogeneity and inequality : insights from a three-agent New Keynesian model
Eskelinen, Maria - 2021
In this paper I develop a New Keynesian dynamic stochastic general equilibrium model which features three different types of representative agents (THRANK): the poor hand-to- mouth, the wealthy hand-to-mouth and the non-hand-to mouth households. Compared to a full-scale HANK model, this model is...
Persistent link: https://www.econbiz.de/10012622812
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Endogenous growth, downward wage rigidity and optimal inflation
Abbritti, Mirko; Consolo, Agostino; Weber, Sebastian - 2021
Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity...
Persistent link: https://www.econbiz.de/10012745355