Arbeitspapier
Heterogeneous consumers, segmented asset markets, and the effects of monetary policy
This paper examines the implications of segmented assets markets for the real and nominal effects of monetary policy. I develop a model, in which varieties of consumption bundles are purchased sequentially. Newly injected money thus disseminates slowly through the economy via second-round effects and induces a non-degenerate, long-lasting heterogeneity in wealth. As a result, the effective elasticity of substitution differs across households, affecting optimal markups chosen by producers. In line with empirical evidence, the model predicts a short-term inflation-output trade-off, a liquidity effect, countercyclical markups, and procyclical profits and wages after monetary shocks.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bonn Econ Discussion Papers ; No. 08/2010
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Business Fluctuations; Cycles
Money Supply; Credit; Money Multipliers
- Thema
-
Segmented Asset Markets
Monetary Policy
Countercyclical Markups
Liquidity Effect
Limited Participation
Geldpolitik
Transmissionsmechanismus
Agent-based Model
Konsumentenverhalten
Kapitalanlage
Vermögenseffekt
Extensives Spiel
Mark-up Pricing
Inflation
Konjunktur
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Enders, Zeno
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Bonn, Bonn Graduate School of Economics (BGSE)
- (wo)
-
Bonn
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Enders, Zeno
- University of Bonn, Bonn Graduate School of Economics (BGSE)
Entstanden
- 2010
Ähnliche Objekte (12)
Heterogeneous consumers, segmented asset markets, and the effects of monetary policy
Heterogeneous consumers, segmented asset markets, and the effects of monetary policy
Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy
Heterogeneous Consumers, Segmented Asset Markets, and the Real Effects of Monetary Policy
Monetary policy transmission in segmented markets
International risk sharing with endogenously segmented asset markets
Estimation and evaluation of a segmented markets monetary model
Monetary policy shocks in an economy with segmented markets
Rational expectations equilibrium in an economy with segmented capital asset markets
Heterogeneous expectations and asset price dynamics
Harmonization of heterogeneous asset administration shells
Asset pricing : the impact of heterogeneous investors and heterogeneous assets
Heterogeneous consumers, segmented asset markets, and the effects of monetary policy
Heterogeneous consumers, segmented asset markets, and the effects of monetary policy
Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy
Heterogeneous Consumers, Segmented Asset Markets, and the Real Effects of Monetary Policy
Monetary policy transmission in segmented markets
International risk sharing with endogenously segmented asset markets
Estimation and evaluation of a segmented markets monetary model
Monetary policy shocks in an economy with segmented markets
Rational expectations equilibrium in an economy with segmented capital asset markets
Heterogeneous expectations and asset price dynamics
Harmonization of heterogeneous asset administration shells
Asset pricing : the impact of heterogeneous investors and heterogeneous assets
Heterogeneous consumers, segmented asset markets, and the effects of monetary policy
Heterogeneous consumers, segmented asset markets, and the effects of monetary policy
Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy
Heterogeneous Consumers, Segmented Asset Markets, and the Real Effects of Monetary Policy
Monetary policy transmission in segmented markets
International risk sharing with endogenously segmented asset markets
Estimation and evaluation of a segmented markets monetary model
Monetary policy shocks in an economy with segmented markets
Rational expectations equilibrium in an economy with segmented capital asset markets
Heterogeneous expectations and asset price dynamics
Harmonization of heterogeneous asset administration shells