The liquidity effect and money demand

被引：12

作者：

Cook, D ^{[1
]}

机构：

[1] Hong Kong Univ Sci & Technol, Dept Econ, Kowloon, Peoples R China

来源：

JOURNAL OF MONETARY ECONOMICS | 1999年 / 43卷 / 02期

关键词：

liquidity effect; intertemporal spillovers; increasing returns to scale; externalities; propagation;

D O I：

10.1016/S0304-3932(98)00056-7

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

I suggest a 'liquidity effect' model in which financial intermediation costs are determined by aggregate economic activity. An expansionary monetary shock leads to a persistent contraction in the loan-deposit rate spread, a persistent liquidity effect, and a persistent real expansion. A feature of this expansion is that nominal prices respond sluggishly to monetary shocks as an equilibrium outcome. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classification: E32; E4; E51.

引用

页码：377 / 390

页数：14

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