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The effects of open market operations in a model of intermediation and growth Author info | Abstract | Publisher info | Download info | Related research | Statistics Stacey L. Schreft
Bruce D. Smith
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This article presents a monetary growth model in which spatial separation and limited communication create a role for banks. Monetary policy interacts with the financial system's liquidity provision to affect the existence, multiplicity, and dynamical properties of equilibria. Moderate levels of risk aversion and tight monetary policy can lead to multiple steady rates. Dynamical equilibria can be indeterminate, with oscillatory paths. Thus financial market frictions are a source of indeterminacies and endogenous volatility. Under plausible conditions, tight monetary policy raises the nominal interest rate and inflation rate and reduces long-run output. Thus, a central bank's liquidity provision can promote growth.
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Paper provided by Federal Reserve Bank of Kansas City in its series Research Working Paper with number
97-03.
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Date of creation: 1997Date of revision:
Handle: RePEc:fip:fedkrw:97-03Contact details of provider: Postal: 1 Memorial Drive, Kansas City, MO 64198-0001 Phone: (816) 881-2254 Email: Web page: http://www.kansascityfed.org/ More information through EDIRC
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Keywords: Open market operations ; Other versions of this item:
Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)Kaas, Leo & Weinrich, Gerd, 2000.
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"Inflation, financial markets and capital formation ,"
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Schreft, Stacey L. & Smith, Bruce D., 1997.
"Money, Banking, and Capital Formation ,"
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[Downloadable!] (restricted) Robert R. Reed & Stacey L. Schreft, 2007.
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Rangan Gupta, 2004.
"Costly State Monitoring and Reserve Requirements ,"
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Philippe Michel & Bertrand Wigniolle, 2005.
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Michel, Philippe & Wigniolle, Bertrand, 2005.
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