| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8650 |
| DP8650 Persistent Liquidity Effects and Long Run Money Demand | |
| Fernando Alvarez; Francesco Lippi | |
| 发表日期 | 2011-11-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We present a monetary model in the presence of segmented asset markets that im- plies a persistent fall in interest rates after a once and for all increase in liquidity. The gradual propagation mechanism produced by our model is novel in the literature. We provide an analytical characterization of this mechanism, showing that the magnitude of the liquidity effect on impact, and its persistence, depend on the ratio of two parameters: the long-run interest rate elasticity of money demand and the intertemporal substitution elasticity. At the same time, the model has completely classical long-run predictions, featuring quantity theoretic and Fisherian properties. The model simultaneously explains the short-run "instability" of money demand estimates as-well-as the stability of long-run interest-elastic money demand. |
| 主题 | International Macroeconomics |
| 关键词 | Money demand |
| URL | https://cepr.org/publications/dp8650 |
| 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/537487 |
| 推荐引用方式 GB/T 7714 | Fernando Alvarez,Francesco Lippi. DP8650 Persistent Liquidity Effects and Long Run Money Demand. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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