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Persistent link: https://www.econbiz.de/10012264880
In responding to the extremely weak global economy after the financial crisis in 2008, many industrial nations have been considering or have already implemented negative nominal interest rate policy. This situation raises two important questions for monetary theories: (i) Given the widely held...
Persistent link: https://www.econbiz.de/10011691605
We develop a N-sector business cycle network model a la Long and Plosser (1983), featuring heterogenous money demand a la Bewley (1980) and Lucas (1980). Despite incomplete markets and a well-defined distribution of real money balances across heterogeneous households, the enriched N-sector...
Persistent link: https://www.econbiz.de/10011911508
Persistent link: https://www.econbiz.de/10012230139
The Great Recession has witnessed not only a marked disruption in the credit markets and a sharp increase of capital unemployment but also a severe deterioration of the matching efficiency in the labor market, as evidenced by the historically high unemployment rate and a significant outward...
Persistent link: https://www.econbiz.de/10012861832
In responding to the extremely weak global economy after the financial crisis in 2008, many industrial nations have been considering or have already implemented negative nominal interest rate policy. This situation raises two important questions for monetary theories: (i) Given the widely held...
Persistent link: https://www.econbiz.de/10013210479
Persistent link: https://www.econbiz.de/10013373493