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dc.contributor.authorFeldkord, Eva-Ulrikeen_US
dc.date.accessioned2009-01-28T15:57:04Z-
dc.date.available2009-01-28T15:57:04Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/19289-
dc.description.abstractThis paper develops a business cycle model with a financial intermediation sector. Financial wealth is defined as a predetermined state variable. Both, the additional sector of financial intermediaries and predetermination of financial wealth, affect the demand for real financial wealth. If real financial wealth also enters the monetary policy rule, the conditions for stability and uniqueness of the macroeconomic equilibrium path change fundamentally compared to standard New Keynesian business cycle models. Here, real financial wealth is interpreted as a real broad monetary aggregate. Furthermore, different interest rate rules and their consequences for stability and uniqueness of the macroeconomic equilibrium path are considered. Two monetary policy rules are found to be feasible - i.e. if these monetary policy rules are applied there exists a stable and unique macroeconomic equilibrium path. Simulations of the model showed that the monetary policy rule considering inflation and broad money as indicators is optimal.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesHWWA Discussion Paper 317en_US
dc.subject.jelE52en_US
dc.subject.jelE51en_US
dc.subject.jelE41en_US
dc.subject.ddc330en_US
dc.subject.keywordbroad moneyen_US
dc.subject.keywordmacroeconomic stabilityen_US
dc.subject.keywordmonetary policyen_US
dc.subject.stwUngleichgewichtstheorieen_US
dc.subject.stwKonjunkturtheorieen_US
dc.subject.stwFinanzintermediären_US
dc.subject.stwGeldvermögenen_US
dc.subject.stwGleichgewichtsstabilitäten_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwGeldpolitisches Zielen_US
dc.subject.stwTheorieen_US
dc.titleOn the relevance of monetary aggregates in monetary policy modelsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn489057861en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:hwwadp:26343-
Appears in Collections:HWWA Discussion Paper, Hamburgisches Welt-Wirtschafts-Archiv

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