Konferenzbeitrag

Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy

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This paper proposes a novel mechanism by which changes in the distribution of money holdings have real effects. Specifically, I develop a flexible-price model of segmented asset markets that generates real aggregate effects of monetary policy through the dependence of optimal markups on the heterogeneity of money holdings. Because varieties of consumption bundles are purchased sequentially, newly injected money disseminates slowly throughout the economy via second-round effects.

Language: Englisch

Bibliographic citation: Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2017: Alternative Geld- und Finanzarchitekturen - Session: Heterogeneous Agents ; No. C08-V3

Classification: Wirtschaft
Price Level; Inflation; Deflation

Event: Geistige Schöpfung

(who): Enders, Zeno

Event: Veröffentlichung

(who): ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft

(where): Kiel, Hamburg

(when): 2017

Handle: http://hdl.handle.net/10419/168227

Last update: 10.03.2025, 11:43 AM CET

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Object type

Konferenzbeitrag

Associated

Enders, Zeno
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft

Time of origin

2017

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