| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2684 |
| DP2684 European Inflation Dynamics | |
| Mark Gertler; Jordi Gali; J David López-Salido | |
| 发表日期 | 2001-01-30 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | Meltzer (1999a) shows that real monetary base growth is a significant determinant of consumption growth in the United States, controlling for the short-term real interest rate. In this paper, I show that the same property of base money holds for total output (relative to trend or potential) in both the United States and the United Kingdom. The standard optimizing IS-LM model cannot account for this result, but I show that it can once the long-term nominal interest rate is included in the money demand function. Because the long-term real rate matters for aggregate demand, the presence of the long-term nominal rate in the money demand function increases the effect of nominal money stock changes on real aggregate demand when prices are sticky. |
| 主题 | International Macroeconomics |
| 关键词 | Monetary base Monetary transmission mechanism Monetary policy rules Money and interest rates |
| URL | https://cepr.org/publications/dp2684 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531742 |
| 推荐引用方式 GB/T 7714 | Mark Gertler,Jordi Gali,J David López-Salido. DP2684 European Inflation Dynamics. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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