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.
- Gordon, David B & Leeper, Eric M, 1994.
"The Dynamic Impacts of Monetary Policy: An Exercise in Tentative Identification,"
Journal of Political Economy,
University of Chicago Press, vol. 102(6), pages 1228-1247, December.
- David B. Gordon & Eric M. Leeper, 1992. "The dynamic impacts of monetary policy: an exercise in tentative identification," FRB Atlanta Working Paper 92-13, Federal Reserve Bank of Atlanta.
- David B. Gordon & Eric M. Leeper, 1993. "The dynamic impacts of monetary policy: an exercise in tentative identification," FRB Atlanta Working Paper 93-5, Federal Reserve Bank of Atlanta.
- Martin Eichenbaum & Lawrence J. Christiano, 1992.
"Liquidity Effects, Monetary Policy, and the Business Cycle,"
NBER Working Papers
4129, National Bureau of Economic Research, Inc.
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- Lawrence J. Christiano & Martin Eichenbaum, 1992. "Liquidity effects, monetary policy and the business cycle," Working Paper Series, Macroeconomic Issues 92-15, Federal Reserve Bank of Chicago.
- Lawrence J. Christiano & Martin Eichenbaum, 1992. "Liquidity effects, monetary policy, and the business cycle," Discussion Paper / Institute for Empirical Macroeconomics 70, Federal Reserve Bank of Minneapolis.
- Fuerst, Timothy S., 1992. "Liquidity, loanable funds, and real activity," Journal of Monetary Economics, Elsevier, vol. 29(1), pages 3-24, February.
- Marvin Goodfriend, 1987.
"Interest rate smoothing and price level trend-stationarity,"
87-03, Federal Reserve Bank of Richmond.
- Goodfriend, Marvin, 1987. "Interest rate smoothing and price level trend-stationarity," Journal of Monetary Economics, Elsevier, vol. 19(3), pages 335-348, May.
- Marvin Goodfriend, 1986. "Interest rate smoothing and price level trend-stationarity," Working Paper 86-04, 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.), pages -.
- Lawrence J. Christiano, 1991. "Modeling the liquidity effect of a money shock," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 3-34.
- 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.
- Lucas, Robert Jr., 1990. "Liquidity and interest rates," Journal of Economic Theory, Elsevier, vol. 50(2), pages 237-264, April.
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