THE DEMAND AND LIQUIDITY EFFECTS OF MONETARY SHOCKS

被引：18

作者：

DOW, JP

机构：

[1] Monetary Affairs, Board of Governors of the Federal Reserve System, Washington

来源：

JOURNAL OF MONETARY ECONOMICS | 1995年 / 36卷 / 01期

关键词：

BUSINESS CYCLES; MONETARY SHOCKS;

D O I：

10.1016/0304-3932(95)01205-0

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the effect of a monetary shock in a stochastic growth model with a cash-in-advance constraint and a financial intermediary. It explores the differences between the results of restrictions on nominal price adjustment (the demand effect) and restrictions on savings behavior (the liquidity effect). It is found that the model that produces the appropriate response to a temporary monetary shock includes both demand and liquidity effects.

引用

页码：91 / 115

页数：25

共 17 条

[1] ANTICIPATED MONETARY-POLICY IN A CASH-IN-ADVANCE ECONOMY [J].

CARMICHAEL, B .

CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE, 1989, 22 (01) :93-108

[2]

CHO J, 1990, BUSINESS CYCLE NOMIN

[3]

CHRISTIANO L, 1991, LIQUIDITY EFFECTS MO

[4]

CHRISTIANO L, 1991, MODELING LIQUIDITY E, P3

[5]

CHRISTIANO LJ, 1992, AM ECON REV, V82, P430

[6]

COOLEY TF, 1989, AM ECON REV, V79, P733

[7] LONG-TERM CONTRACTS, RATIONAL EXPECTATIONS, AND OPTIMAL MONEY SUPPLY RULE [J].

FISCHER, S .

JOURNAL OF POLITICAL ECONOMY, 1977, 85 (01) :191-205

[8]

Friedman M., 1963, MONETARY HIST US 186

[9] LIQUIDITY, LOANABLE FUNDS, AND REAL ACTIVITY [J].

FUERST, TS .

JOURNAL OF MONETARY ECONOMICS, 1992, 29 (01) :3-24

[10]

HANSEN G, 1991, RECURSIVE METHODS CO

← 1 2 →