Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/38808 
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dc.contributor.authorEnders, Zenoen
dc.date.accessioned2010-04-20-
dc.date.accessioned2010-08-17T12:28:20Z-
dc.date.available2010-08-17T12:28:20Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/38808-
dc.description.abstractThis 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.en
dc.language.isoengen
dc.publisher|aUniversity of Bonn, Bonn Graduate School of Economics (BGSE) |cBonnen
dc.relation.ispartofseries|aBonn Econ Discussion Papers |x08/2010en
dc.subject.jelE31en
dc.subject.jelE32en
dc.subject.jelE51en
dc.subject.ddc330en
dc.subject.keywordSegmented Asset Marketsen
dc.subject.keywordMonetary Policyen
dc.subject.keywordCountercyclical Markupsen
dc.subject.keywordLiquidity Effecten
dc.subject.keywordLimited Participationen
dc.subject.stwGeldpolitiken
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwAgent-based Modelen
dc.subject.stwKonsumentenverhaltenen
dc.subject.stwKapitalanlageen
dc.subject.stwVermögenseffekten
dc.subject.stwExtensives Spielen
dc.subject.stwMark-up Pricingen
dc.subject.stwInflationen
dc.subject.stwKonjunkturen
dc.subject.stwTheorieen
dc.titleHeterogeneous consumers, segmented asset markets, and the effects of monetary policy-
dc.type|aWorking Paperen
dc.identifier.ppn623967480en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bonedp:082010-

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