Liquidity effects and transactions technologies
Recently there has been growing interest in using general equilibrium models to understand the effects of monetary policy on interest rates and real economic activity. This research effort has involved the search for models that generate liquidity effects. One branch of this research employs cash-in-advance constraints and various assumptions about financial structures that place infinite transaction costs on flow of funds across segmented markets. In this paper, the authors relax the assumption of infinite transactions costs and find that liquidity effects either disappear or are greatly dampened when transaction technologies are more appropriately specified. Copyright 1995 by Ohio State University Press.
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Volume (Year): (1994)
Issue (Month): ()
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- Don E. Schlagenhauf & Jeffrey M. Wrase, 1992. "Liquidity and real activity in three monetary models," Discussion Paper / Institute for Empirical Macroeconomics 68, Federal Reserve Bank of Minneapolis.
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Discussion Paper / Institute for Empirical Macroeconomics
70, Federal Reserve Bank of Minneapolis.
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FRB Atlanta Working Paper
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Elsevier, vol. 19(3), pages 335-348, May.
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- Marvin Goodfriend, 1987. "Interest rate smoothing and price level trend-stationarity," Working Paper 87-03, Federal Reserve Bank of Richmond.
- Wilbur John Coleman & Christian Gilles & Pamela Labadie, 1993. "Discount window borrowing and liquidity," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
- Lucas, Robert Jr., 1990. "Liquidity and interest rates," Journal of Economic Theory, Elsevier, vol. 50(2), pages 237-264, April.
- Fuerst, Timothy S., 1992. "Liquidity, loanable funds, and real activity," Journal of Monetary Economics, Elsevier, vol. 29(1), pages 3-24, February.
- Cochrane, John H, 1989. "The Return of the Liquidity Effect: A Study of the Short-run Relation between Money Growth and Interest Rates," Journal of Business & Economic Statistics, American Statistical Association, vol. 7(1), pages 75-83, January.
- Lawrence J. Christiano, 1991. "Modeling the liquidity effect of a money shock," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 3-34.
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