Arbeitspapier
Interest, reserves, and prices
We would like to propose a new framework for monetary policy analysis that encompasses, as a special case, the Neo-Wicksellian paradigm. A general form of an aggregate-demand equation reveals a role for liquidity, as well as less effective movements in future real rates with respect to current ones, in stimulating aggregate demand. The quantity of reserves and their interest rate both matter for determining inflation and economic activity.
- Language
-
Englisch
- Bibliographic citation
-
Series: Staff Report ; No. 971
- Classification
-
Wirtschaft
Price Level; Inflation; Deflation
Interest Rates: Determination, Term Structure, and Effects
Monetary Policy
Central Banks and Their Policies
- Subject
-
monetary policy framework
reserves
inflation
- Event
-
Geistige Schöpfung
- (who)
-
Benigno, Gianluca
Benigno, Pierpaolo
- Event
-
Veröffentlichung
- (who)
-
Federal Reserve Bank of New York
- (where)
-
New York, NY
- (when)
-
2021
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Benigno, Gianluca
- Benigno, Pierpaolo
- Federal Reserve Bank of New York
Time of origin
- 2021
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