@techreport{Bruckner2002Does,
abstract = {This paper presents a business cycle model with financial intermediation
encompassing the conventional New Keynesian model. Households'
financial wealth comprises cash and interest bearing deposits. When deposits
provide transaction services, real broad money, which is predetermined,
affects aggregate demand and has a stabilizing impact. Monetary
policy can ensure equilibrium uniqueness if the central bank reacts at
least slightly on the real broad money gap. Moreover, if the central bank
aims at minimizing a standard loss function, real broad money enters
the interest rate reaction function. Thus, money matters if it is defined
broadly enough to include all households' financial assets.},
address = {Bonn},
author = {Matthias Br\"{u}ckner and Andreas Schabert},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E52; E51; E41; E32; 330; Interest rate policy; real broad money; financial wealth; macroeconomic stability; Zinspolitik; Konjunkturpolitik; Geldmenge; Ungleichgewichtstheorie; Konjunkturtheorie; Verm\"{o}genseffekt},
language = {eng},
number = {B 15-2002},
publisher = {ZEI},
title = {Does broad money matter for interest rate policy?},
type = {ZEI working paper},
url = {http://hdl.handle.net/10419/39547},
year = {2002}
}
