| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6839 |
| DP6839 Vicious and Virtuous Circles - The Political Economy of Unemployment in Interwar UK and USA | |
| Patrick Minford; Kent Matthews; Ruthira Naraidoo | |
| 发表日期 | 2008-05-30 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We examine the role of money in three environments: the New Keynesian model with separable utility and static money demand; a nonseparable utility variant with habit formation; and a version with adjustment costs for holding real balances. The last two variants imply forward-looking behaviour of real money balances, with forecasts of future interest rates entering current portfolio decisions. We conduct a structural econometric analysis of the U.S. and euro area economies. FIML estimates confirm the forward-looking character of money demand. A consequence is that real money balances are valuable in anticipating future variations in the natural interest rate. |
| 主题 | International Macroeconomics |
| 关键词 | Money Natural rate New keynesian models |
| URL | https://cepr.org/publications/dp6839 |
| 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/535675 |
| 推荐引用方式 GB/T 7714 | Patrick Minford,Kent Matthews,Ruthira Naraidoo. DP6839 Vicious and Virtuous Circles - The Political Economy of Unemployment in Interwar UK and USA. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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