Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/242553 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Economics Working Paper Series No. 2017/07
Verlag: 
Auckland University of Technology (AUT), Faculty of Business, Economics and Law, Auckland
Zusammenfassung: 
We discover a consumption channel of monetary policy in a model with money and government bonds. When the central bank withdraws government bonds (short-term or long-term) through open market operations, it lowers re- turns on bonds. The lower return has a direct negative impact on consumption by households that hold bonds, and an indirect negative impact on consumption by households that hold money. As a result, fi rms earn less pro fits from production, which leads to higher unemployment. The existence of such a consumption channel can help us understand the e¤ects of unconventional monetary policy.
Schlagwörter: 
interest rate
monetary policy
consumption
unemployment
JEL: 
E24
E40
E50
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
433.28 kB





Publikationen in EconStor sind urheberrechtlich geschützt.