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dc.contributor.authorBrückner, Matthiasen_US
dc.contributor.authorSchabert, Andreasen_US
dc.date.accessioned2010-09-01T09:47:43Z-
dc.date.available2010-09-01T09:47:43Z-
dc.date.issued2002en_US
dc.identifier.urihttp://hdl.handle.net/10419/39547-
dc.description.abstractThis 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.-
dc.language.isoengen_US
dc.publisherZEI Bonnen_US
dc.relation.ispartofseriesZEI working paper B 15-2002en_US
dc.subject.jelE52-
dc.subject.jelE51-
dc.subject.jelE41-
dc.subject.jelE32-
dc.subject.ddc330en_US
dc.subject.keywordInterest rate policy-
dc.subject.keywordreal broad money-
dc.subject.keywordfinancial wealth-
dc.subject.keywordmacroeconomic stability-
dc.subject.stwZinspolitiken_US
dc.subject.stwKonjunkturpolitiken_US
dc.subject.stwGeldmengeen_US
dc.subject.stwUngleichgewichtstheorieen_US
dc.subject.stwKonjunkturtheorieen_US
dc.subject.stwVermögenseffekten_US
dc.titleDoes broad money matter for interest rate policy?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn350416478en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zeiwps:B152002-
Appears in Collections:ZEI Working Papers, Zentrum für Europäische Integrationsforschung, Universität Bonn

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