| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14244 |
| 来源ID | Working Paper 14244 |
| Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework | |
| Matthew Canzoneri; Robert E. Cumby; Behzad Diba; David Lopez-Salido | |
| 发表日期 | 2008-08-15 |
| 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 modeled. 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 behavior 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 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w14244 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571918 |
| 推荐引用方式 GB/T 7714 | Matthew Canzoneri,Robert E. Cumby,Behzad Diba,et al. Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14244.pdf（229KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
