| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6840 |
| DP6840 Crime and Ethnicity in London | |
| Yves Zenou; Eleonora Patacchini | |
| 发表日期 | 2008-05-30 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Woodford (2003) describes a popular class of neo-Wicksellian models in which monetary policy is characterized by an interest-rate rule, and the money market and financial institutions are typically not even modelled. Critics contend that these models are incomplete and unsuitable for monetary-policy evaluation. Our Banks and Bonds model starts with a standard neo-Wicksellian model and then adds banks and a role for bonds in the liquidity management of households and banks. The Banks and Bonds model gives a more complete description of the economy, but the neo-Wicksellian model has the virtue of simplicity. Our purpose here is to see if the neo-Wicksellian model gives a reasonably accurate account of macroeconomic behaviour in the more complete Banks and Bonds model. We do this by comparing the models? second moments, variance decompositions and impulse response functions. We also study the role of monetary aggregates and velocity in predicting inflation in the two models. |
| 主题 | International Macroeconomics |
| 关键词 | Banks Monetary aggregates |
| URL | https://cepr.org/publications/dp6840 |
| 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/535676 |
| 推荐引用方式 GB/T 7714 | Yves Zenou,Eleonora Patacchini. DP6840 Crime and Ethnicity in London. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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