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dc.contributor.authorOcchino, Filippoen_US
dc.date.accessioned2009-01-29T15:49:26Z-
dc.date.available2009-01-29T15:49:26Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/23190-
dc.description.abstractSeveral papers have recently adopted the segmented markets model as a framework for monetary analysis. The characteristic assumption is that some households never participate in financial markets. This paper proves the existence of an equilibrium for segmented markets models where monetary policy is defined in terms of the short-term nominal interest rate. The model allows to consider the important cases where monetary policy affects output, and responds to any source of uncertainty, including output itself. The assumptions required for existence constrain the maximum value and the variability of the nominal interest rate. The period utility function is logarithmic. The proof is constructive, and shows how the model can be solved numerically. A similar proof can be used in the case that monetary policy is defined in terms of the bond supply.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesWorking papers / Rutgers University, Department of Economics 2004,11en_US
dc.subject.jelC60en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordsegmented marketsen_US
dc.subject.keywordlimited participationen_US
dc.subject.keywordinterest rate monetary policyen_US
dc.subject.keywordexistenceen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwZinsen_US
dc.subject.stwMarktsegmentierungen_US
dc.subject.stwCash-in-Advance-Modellen_US
dc.subject.stwGleichgewichten_US
dc.subject.stwTheorieen_US
dc.titleExistence of Equilibrium for Segmented Markets Models with Interest Rate Monetary Policiesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn389549509en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Working Papers, Department of Economics, Rutgers University

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