Liquidity effects in non Ricardian economies
AbstractIt has often been found difficult to generate a liquidity effect (i.e. a negative effect of monetary injections on the nominal interest rate) in the traditional "Ricardian" stochastic dynamic model with a single infinitely lived household. We show that moving to a non Ricardian environment where new agents enter the economy in each period allows to generate such a liquidity effect.
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Date of creation: Dec 2005
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liquidity effect ; non Ricardian economies;
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