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dc.contributor.authorFeldkord, Eva-Ulrikeen
dc.date.accessioned2009-01-28T15:57:04Z-
dc.date.available2009-01-28T15:57:04Z-
dc.date.issued2005-
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 sector of financial intermediaries and predetermination of financial wealth, affect the demand for real financial wealth. If real financial wealth also enters the monetary policy rule, the conditions for stability and uniqueness of the macroeconomic equilibrium path change fundamentally compared to standard New Keynesian business cycle models. Here, real financial wealth is interpreted as a real broad monetary aggregate. Furthermore, different interest rate rules and their consequences for stability and uniqueness of the macroeconomic equilibrium path are considered. Two monetary policy rules are found to be feasible - i.e. if these monetary policy rules are applied there exists a stable and unique macroeconomic equilibrium path. Simulations of the model showed that the monetary policy rule considering inflation and broad money as indicators is optimal.en
dc.language.isoengen
dc.publisher|aHamburg Institute of International Economics (HWWA) |cHamburgen
dc.relation.ispartofseries|aHWWA Discussion Paper |x317en
dc.subject.jelE52en
dc.subject.jelE51en
dc.subject.jelE41en
dc.subject.ddc330en
dc.subject.keywordbroad moneyen
dc.subject.keywordmacroeconomic stabilityen
dc.subject.keywordmonetary policyen
dc.subject.stwUngleichgewichtstheorieen
dc.subject.stwKonjunkturtheorieen
dc.subject.stwFinanzintermediären
dc.subject.stwGeldvermögenen
dc.subject.stwGleichgewichtsstabilitäten
dc.subject.stwGeldpolitiken
dc.subject.stwGeldpolitisches Zielen
dc.subject.stwTheorieen
dc.titleOn the relevance of monetary aggregates in monetary policy models-
dc.typeWorking Paperen
dc.identifier.ppn489057861en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:hwwadp:26343en

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