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Monetary Equilibria with Monopolistic Competition and Sticky Prices

Nakajima, Tomoyuki; Polemarchakis, Heraklis M. - 2003

We consider a cash-in-advance economy under uncertainty in which monetary policy sets either short-term nominal interest rates or money supplies. We show that both the initial price level and the distribution of the inflation rate up to its expectation are indeterminate, regardless of the degree...

Persistent link: https://www.econbiz.de/10014095577

Money and prices under uncertainty

Nakajima, Tomoyuki; Polemarchakis, Herakles - 2001

resources at equilibrium; with a money-supply policy, the indeterminacy is real. Portfolio policy sets the portfolio of assets … that the monetary authority employs in open market operations; it determines the equilibrium if the policy is non … revenue at each dateevent determines equilibrium allocations and prices. long-lived nominally riskless assets can substitute …

Persistent link: https://www.econbiz.de/10010318888

Monetary equilibria with monopolistic competition and sticky prices

Nakajima, Tomoyuki; Polemarchakis, Herakles - 2002

Persistent link: https://www.econbiz.de/10010318982

Money and indeterminacy over an infinite horizon

Bloise, G.; Drèze, J. H.; Polemarchakis, H. M. - 2002

is a non-trivial multiplicity of equilibrium paths of prices of commodities. Determinacy requires that, subject to no …-arbitrage and in addition to rates of interest, the prices of state-contingent revenues be set. – Money ; equilibrium …

Persistent link: https://www.econbiz.de/10010318994

States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives

Balling, Morten; Jackson, Patricia; Gnan, Ernest; … - 2013

On 5-6 September 2012 SUERF held its 30th Colloquium “States, Banks, and the Financing of the Economy” at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the papers in this publication discuss from different...

Persistent link: https://www.econbiz.de/10011689959

Loanable funds vs money creation in banking : a benchmark result

Faure, Salomon A.; Gersbach, Hans - 2017 - This version: November 2017

We establish a benchmark result for the relationship between the loanablefunds and the money-creation approach to banking. In particular, we show that both processes yield the same allocations when there is no uncertainty and thus no bank default. In such cases, using the much simpler...

Persistent link: https://www.econbiz.de/10011760873

Analysis of monetary policy and financial stability : a new paradigm

Goodhart, Charles A. E.; Osorio, Carolina; Tsomocos, … - 2009

short to medium run effects on financial stability are properly captured. -- general equilibrium ; financial fragility …

Persistent link: https://www.econbiz.de/10003923247

Money creation and destruction

Faure, Salomon A.; Gersbach, Hans - 2016 - This version: October 2016

capital regulation in a general equilibrium setting. There are two types of money created and destructed: bank deposits, when …

Persistent link: https://www.econbiz.de/10011557571

Computational evidence on the distributive properties of monetary policy

Chen, Siyan; Desiderio, Saul - 2018

Empirical studies have pointed out that monetary policy may significantly affect income and wealth inequality. To investigate the distributive properties of monetary policy the authors resort to an agent-based macroeconomic model where firms, households and one bank interact on the basis of...

Persistent link: https://www.econbiz.de/10011845336

States, banks, and the financing of the economy : monetary policy and regulatory perspectives

Balling, Morten (ed., introduction); … - Colloquium "States, Banks and the Financing of the …; … - 2013

On 5-6 September 2012 SUERF held its 30th Colloquium "States, Banks, and the Financing of the Economy" at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the chapters in this publication discuss from different...

Persistent link: https://www.econbiz.de/10011711721