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Monetary, Fiscal, and Bank Regulatory Policy in a Simple Monetary Growth Model

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Author Info

  • Bhattacharya, Joydeep
  • Huybens, Elisabeth
  • Guzman, Mark G.
  • Smith, Bruce D.

Abstract

We consider an otherwise conventional monetary growth model in which spatial separation and limited communication create a transactions role for currency, and stochastic relocation gives rise to financial intermediaries. In this framework we consider how changes in fiscal and monetary policy, and in reserve requirements, affect inflation, capital formation, and nominal interest rates. There is also considerable scope for multiple equilibria; we show how reserve requirements that never bind along actual equilibrium paths can play an important role in avoiding undesirable equilibria. Finally, we demonstrate that changes in (apparently) nonbinding reserve requirements can have significant real effects.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 5136.

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Date of creation: 01 May 1997
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Publication status: Published in International Economic Review, May 1997, vol. 3 no. 2, pp. 321-350
Handle: RePEc:isu:genres:5136

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Cited by:
  1. Tarishi Matsuoka, 2011. "Temporary Bubbles and Discount Window Policy," KIER Working Papers 802, Kyoto University, Institute of Economic Research.
  2. Joseph H. Haslag & Antoine Martin, 2007. "Optimality of the Friedman Rule in an Overlapping Generations Model with Spatial Separation," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 39(7), pages 1741-1758, October.
  3. Andrés Felipe Arias, 2000. "The Colombian Banking Crisis: Macroeconomic Consequences And What To Expect," BORRADORES DE ECONOMIA 003573, BANCO DE LA REPÚBLICA.
  4. repec:hal:journl:halshs-00268861 is not listed on IDEAS
  5. Joseph H. Haslag & Eric R. Young, 1998. "Revenue-maximizing monetary policy," Working Papers 9801, Federal Reserve Bank of Dallas.
  6. Beatrix Paal & Bruce D. Smith, 2013. "The sub-optimality of the Friedman rule and the optimum quantity of money," Annals of Economics and Finance, Society for AEF, vol. 14(2), pages 911-948, November.
  7. Joseph H. Haslag & Antoine Martin, 2003. "Optimality of the Friedman rule in overlapping generations model with spatial separation," Research Working Paper, Federal Reserve Bank of Kansas City RWP 03-03, Federal Reserve Bank of Kansas City.
  8. Andrés Felipe Arias, . "The Colombian Banking and Crisis: Macroeconomic Consequences and What to Expect," Borradores de Economia 157, Banco de la Republica de Colombia.
  9. Marco Espinosa-Vega & Steven Russell, 2001. "Stability of steady states in a model of pleasant monetarist arithmetic," Working Paper, Federal Reserve Bank of Atlanta 2001-20, Federal Reserve Bank of Atlanta.
  10. Arias Andrés, 2002. "Banking Productivity and Economic Fluctuations: Colombia 1998-2000," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE.
  11. Caroline Betts & Elisabeth Huybens, 1999. "Financial Market Imperfections, Real Exchange Rates, and Capital Flows," Working Papers, Centro de Investigacion Economica, ITAM 9902, Centro de Investigacion Economica, ITAM.
  12. Jianhuai Shi, 2002. "The Economic Effects of Inflation Tax Instruments in an Overlapping-Generations Economy with Production," Annals of Economics and Finance, Society for AEF, vol. 3(2), pages 433-451, November.
  13. Andrés Felipe Arias, 2001. "Banking Productivity And Economic Fluctuations: Colombia 1998-2000," BORRADORES DE ECONOMIA 002050, BANCO DE LA REPÚBLICA.
  14. Andrés F. Arias, . "Banking Productivity and Economic Fluctuations: Colombia 1998-2000," Borradores de Economia 192, Banco de la Republica de Colombia.

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