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Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Tinbergen Institute Discussion Paper No. 09-094/2
Verlag: 
Tinbergen Institute, Amsterdam and Rotterdam
Zusammenfassung: 
We develop a macroeconomic framework where money issupplied against only few eligible securities in open marketoperations. The relationship between the policy rate,expected inflation and consumption growth is affected bymoney market conditions, i.e. the varying liquidity value ofeligible assets and the associated risk. This induces a liquiditypremium, which explains the observed systematic wedgebetween the policy rate and consumption Euler interest ratethat standard models equate. It further implies a dampenedresponse of consumption to policy rate shocks that is humpshapedwhen we account for realistic central bank transfersand the dynamics of bond holdings.
Schlagwörter: 
Monetary policy
Open market operations
Liquidity
JEL: 
E52
E58
E43
E32
Dokumentart: 
Working Paper
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