| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4961 |
| DP4961 Do Mergers Improve Information? Evidence from the Loan Market | |
| Fabio Panetta; Fabiano Schivardi; Matthew Shum | |
| 发表日期 | 2005-03-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper examines how money demand induced real balance effects contribute to the determination of the price level, as suggested by Patinkin (1949,1965), and if they affect conditions for local equilibrium uniqueness and stability. There exists a unique price level sequence that is consistent with an equilibrium under interest rate policy, only if beginning-of-period money enters the utility function. Real money can then serve as a state variable, implying that interest rate setting must be passive for unique, stable, and non-oscillatory equilibrium sequences. When end-of-period money provides utility, an equilibrium is consistent with infinitely many price level sequences, and equilibrium uniqueness requires an active interest rate setting. The stability results are, in general, independent of the magnitude of real balance effects, and apply also when prices are sticky. In contrast, under a constant money growth policy, equilibrium sequences are (likely to be) locally stable and unique for all model variants. |
| 主题 | International Macroeconomics |
| 关键词 | Real balance effects Predetermined money Price level determination Real determinacy Monetary policy rules |
| URL | https://cepr.org/publications/dp4961 |
| 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/533860 |
| 推荐引用方式 GB/T 7714 | Fabio Panetta,Fabiano Schivardi,Matthew Shum. DP4961 Do Mergers Improve Information? Evidence from the Loan Market. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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