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dc.contributor.authorChiu, Jonathanen
dc.date.accessioned2011-12-15T12:55:59Z-
dc.date.available2011-12-15T12:55:59Z-
dc.date.issued2007-
dc.identifier.pidoi:10.34989/swp-2007-46en
dc.identifier.urihttp://hdl.handle.net/10419/53796-
dc.description.abstractThis paper studies the effects of monetary policy in an inventory theoretic model of money demand. In this model, agents keep inventories of money, despite the fact that money is dominated in rate of return by interest bearing assets, because they must pay a fixed cost to transfer funds between the asset market and the goods market. Unlike the exogenous segmentation models in the literature, the timings of money transfers are endogenous. By allowing agents to choose the timings of money transfers, the model endogenizes the degree of market segmentation as well as the magnitude of liquidity effects, price sluggishness and variability of velocity. First, I show that the endogenous segmentation model can generate the positive long run relationship between money growth and velocity in the data which the exogenous segmentation model fails to capture. Second, I show that the short run effects of money shocks in an exogenous segmentation model (such as the linear inflation response to money shock, the liquidity effect and the sluggish price adjustment) are not robust. In an endogenous segmentation model, the equilibrium response to money shocks is non-linear and non-monotonic. Moreover, for large money shocks, there is no liquidity effect and no sluggish price adjustment.en
dc.language.isoengen
dc.publisher|aBank of Canada |cOttawaen
dc.relation.ispartofseries|aBank of Canada Working Paper |x2007-46en
dc.subject.jelE31en
dc.subject.jelE41en
dc.subject.jelE50en
dc.subject.ddc330en
dc.subject.keywordTransmission of monetary policyen
dc.subject.keywordMonetary policy frameworken
dc.subject.stwGeldpolitiken
dc.subject.stwKassenhaltungsansatzen
dc.subject.stwLiquiditätseffekten
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwTheorieen
dc.titleEndogenously segmented asset market in an inventory theoretic model of money demand-
dc.typeWorking Paperen
dc.identifier.ppn548042519en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:bca:bocawp:07-46en

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