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dc.contributor.authorOcchino, Filippoen
dc.date.accessioned2009-01-29T15:49:26Z-
dc.date.available2009-01-29T15:49:26Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/23190-
dc.description.abstractSeveral papers have recently adopted the segmented markets model as aframework for monetary analysis. The characteristic assumption is that somehouseholds never participate in financial markets. This paper proves the existence of an equilibrium for segmented markets models where monetary policyis defined in terms of the short-term nominal interest rate. The model allowsto consider the important cases where monetary policy affects output, and responds to any source of uncertainty, including output itself. The assumptions required for existence constrain the maximum value and the variability of thenominal interest rate. The period utility function is logarithmic. The proof isconstructive, and shows how the model can be solved numerically. A similarproof can be used in the case that monetary policy is defined in terms of thebond supply.en
dc.language.isoengen
dc.publisher|aRutgers University, Department of Economics |cNew Brunswick, NJen
dc.relation.ispartofseries|aWorking Paper |x2004-11en
dc.subject.jelC60en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordsegmented marketsen
dc.subject.keywordlimited participationen
dc.subject.keywordinterest rate monetary policyen
dc.subject.keywordexistenceen
dc.subject.stwGeldpolitiken
dc.subject.stwZinsen
dc.subject.stwMarktsegmentierungen
dc.subject.stwCash-in-Advance-Modellen
dc.subject.stwGleichgewichten
dc.subject.stwTheorieen
dc.titleExistence of Equilibrium for Segmented Markets Models with Interest Rate Monetary Policies-
dc.typeWorking Paperen
dc.identifier.ppn389549509en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:rut:rutres:200411en

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