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Persistance des habitudes de consommations et effet de liquidité

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  • Stéphane Auray

Abstract

This paper shows that introducing habit persistence in a limited participation model allows to reproduce a persistent liquidity effect. Furthermore, the decomposition of the monetary effects on nominal interest rate allows to isolate the liquidity premium defined by Fuerst [1992]. Then, we show that habit persistence allows to increase the persistence of the response of the interest rate to a change in monetary policy via the effect on this liquidity premium.

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  • Stéphane Auray, 2006. "Persistance des habitudes de consommations et effet de liquidité," Annals of Economics and Statistics, GENES, issue 82, pages 129-150.
    • Handle: RePEc:adr:anecst:y:2006:i:82:p:129-150
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    File URL: http://www.jstor.org/stable/20079154
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