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Autor:innen: 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Bonn Econ Discussion Papers No. 08/2010
Verlag: 
University of Bonn, Bonn Graduate School of Economics (BGSE), Bonn
Zusammenfassung: 
This paper examines the implications of segmented assets markets for the real and nominal effects of monetary policy. I develop a model, in which varieties of consumption bundles are purchased sequentially. Newly injected money thus disseminates slowly through the economy via second-round effects and induces a non-degenerate, long-lasting heterogeneity in wealth. As a result, the effective elasticity of substitution differs across households, affecting optimal markups chosen by producers. In line with empirical evidence, the model predicts a short-term inflation-output trade-off, a liquidity effect, countercyclical markups, and procyclical profits and wages after monetary shocks.
Schlagwörter: 
Segmented Asset Markets
Monetary Policy
Countercyclical Markups
Liquidity Effect
Limited Participation
JEL: 
E31
E32
E51
Dokumentart: 
Working Paper

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