Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/19289
Full metadata record
DC FieldValueLanguage
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 sectorof financial intermediaries and predetermination of financial wealth, affect the demandfor real financial wealth. If real financial wealth also enters the monetary policy rule, theconditions for stability and uniqueness of the macroeconomic equilibrium path changefundamentally compared to standard New Keynesian business cycle models. Here, realfinancial wealth is interpreted as a real broad monetary aggregate. Furthermore, differentinterest rate rules and their consequences for stability and uniqueness of themacroeconomic equilibrium path are considered. Two monetary policy rules are foundto be feasible - i.e. if these monetary policy rules are applied there exists a stable andunique macroeconomic equilibrium path. Simulations of the model showed that the monetarypolicy rule considering inflation and broad money as indicators is optimal.en_US
dc.language.isoengen_US
dc.publisher|aHamburg Institute of International Economics (HWWA) |cHamburgen_US
dc.relation.ispartofseries|aHWWA Discussion Paper |x317en_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-

Files in This Item:
File
Size
375.2 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.