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Liquidity effects in non Ricardian economies

  • Jean-Pascal Bénassy

    (PSE - Paris-Jourdan Sciences Economiques - CNRS - EHESS - École des hautes études en sciences sociales - ENS Paris - École normale supérieure - Paris - École des Ponts ParisTech (ENPC), CEPREMAP - Centre pour la recherche économique et ses applications - Centre pour la recherche économique et ses applications)

It 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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Paper provided by HAL in its series PSE Working Papers with number halshs-00590563.

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Date of creation: Dec 2005
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Handle: RePEc:hal:psewpa:halshs-00590563
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