Limited asset markets participation, monetary policy and (inverted) aggregate demand logic
نویسندگان
چکیده
منابع مشابه
Limited asset markets participation, monetary policy and (inverted) aggregate demand logic
This paper incorporates limited asset markets participation in dynamic general equilibrium and develops a simple analytical framework for monetary policy analysis. Aggregate dynamics and stability properties of an otherwise standard business cycle model depend nonlinearly on the degree of asset market participation. While ‘moderate’ participation rates strengthen the role of monetary policy, lo...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2008
ISSN: 0022-0531
DOI: 10.1016/j.jet.2007.07.008