Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/83214 
Autor:innen: 
Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
Volkswirtschaftliche Diskussionsbeiträge No. 103-02
Verlag: 
Universität Siegen, Fakultät III, Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht, Siegen
Zusammenfassung: 
This paper considers the implications of adding capital as a factor of production in a stochastic DGE model with sticky prices. Particular attention is given to the role of money demand and to the form of the utility function. I consider cash-in-advance- (CIA) as well as money-in-the-utility-function- (MIU) models, with CRRA and GHH preferences, to evaluate their ability to generate persistence. It is shown that even in a MIU-model with a GHH utility function and a high elasticity of labor supply with respect to the real wage the additional intertemporal substitution channel opened through capital accumulation does have a significant dampening influence on the persistence effects of monetary shocks. In a CIA-setup with GHH preferences the model can generate the liquidity effect. A multiplicatively separable CRRA utility function in the MIU-model cannot account for the observed persistent reactions of inflation and output either.
Schlagwörter: 
Monetary Policy
New Neoclassical Synthesis
Sticky Prices
Persistency
JEL: 
E52
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
775.17 kB





Publikationen in EconStor sind urheberrechtlich geschützt.