We introduce liquidity motives in an otherwise standard monetary model. The Central Bank's policy rule is adapted to target the interest rate on liquid bonds. These deviations are sufficient to relax the requirement for active monetary policy and warrant determi-nacy in both passive and active policy regimes. We compare this model of liquidity with workhorse models and find that it can substantially replicate usual dynamics. By means of stochastic simulations, we also study how monetary policy stance affect inflation dynamics and find evidence of increased persistence for passive monetary policy
The paper investigates the role of broad liquidity—the supply and demand for bank deposits—in the tr...
A fundamental shift in monetary policy occurred around 1980: the Fed went from a "passive" policy to...
In addition to revamping existing rules for bank capital, Basel III introduces a new global frame-wo...
We introduce liquidity motives in an otherwise standard monetary model. The Central Bank's policy ru...
An "easing" of monetary policy can be characterized by an expansion of bank reserves and a persisten...
This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real in...
This paper presents a simple New Keynesian model with alternative assumptions regarding the conduct ...
The prevailing models of liquidity traps suggest that a deflationary trap is a stable steady state i...
We compare the transmission mechanism of exogenous and endogenous monetary policies in a calibrated ...
Summary. Money, which provides liquidity, is distinct from debt. The introduction of a bank that iss...
The paper presents a model of a monetary economy where there are differences in liquidity across ass...
In its classical form, the liquidity trap, a term coined by Keynes (1936), is a situation where an i...
This paper provides new evidence that the interest rate response to a money supply shock varies with...
Money, which provides liquidity services, is distinct from debt. The introduction of a bank that iss...
This paper examines the interactions between monetary policy and stability of interbank money market...
The paper investigates the role of broad liquidity—the supply and demand for bank deposits—in the tr...
A fundamental shift in monetary policy occurred around 1980: the Fed went from a "passive" policy to...
In addition to revamping existing rules for bank capital, Basel III introduces a new global frame-wo...
We introduce liquidity motives in an otherwise standard monetary model. The Central Bank's policy ru...
An "easing" of monetary policy can be characterized by an expansion of bank reserves and a persisten...
This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real in...
This paper presents a simple New Keynesian model with alternative assumptions regarding the conduct ...
The prevailing models of liquidity traps suggest that a deflationary trap is a stable steady state i...
We compare the transmission mechanism of exogenous and endogenous monetary policies in a calibrated ...
Summary. Money, which provides liquidity, is distinct from debt. The introduction of a bank that iss...
The paper presents a model of a monetary economy where there are differences in liquidity across ass...
In its classical form, the liquidity trap, a term coined by Keynes (1936), is a situation where an i...
This paper provides new evidence that the interest rate response to a money supply shock varies with...
Money, which provides liquidity services, is distinct from debt. The introduction of a bank that iss...
This paper examines the interactions between monetary policy and stability of interbank money market...
The paper investigates the role of broad liquidity—the supply and demand for bank deposits—in the tr...
A fundamental shift in monetary policy occurred around 1980: the Fed went from a "passive" policy to...
In addition to revamping existing rules for bank capital, Basel III introduces a new global frame-wo...
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