| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4324 |
| DP4324 Welfare Reform in European Countries: A Micro-Simulation Analysis | |
| Emmanuel Saez; Claus Thustrup Kreiner; Henrik Kleven; Herwig Immervoll | |
| 发表日期 | 2004-03-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | In this Paper, we look at the role of money in a general framework that encompasses three competing environments: the New Keynesian model with separable utility and static money demand; the non-separable utility variant with habit formation; and the New Keynesian model modified to allow for adjustment costs for holding real balances. The last two models imply a forward-looking character of real money balances that convey on money an important role as a monetary policy indicator. We distinguish between these alternative views by conducting a structural econometric analysis for the US, the euro area, and the UK. The FIML estimates confirm the forward-looking character of the money demand. Using these estimates we find that, in response to preferences and technology shocks, money incorporates useful information regarding future variations in the natural interest rate. |
| 主题 | International Macroeconomics |
| 关键词 | Forward-looking money demand Natural rate of interest |
| URL | https://cepr.org/publications/dp4324 |
| 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/533284 |
| 推荐引用方式 GB/T 7714 | Emmanuel Saez,Claus Thustrup Kreiner,Henrik Kleven,et al. DP4324 Welfare Reform in European Countries: A Micro-Simulation Analysis. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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