Arbeitspapier
Modeling Monetary Policy
We develop a macroeconomic framework where money issupplied against only few eligible securities in open marketoperations. The relationship between the policy rate,expected inflation and consumption growth is affected bymoney market conditions, i.e. the varying liquidity value ofeligible assets and the associated risk. This induces a liquiditypremium, which explains the observed systematic wedgebetween the policy rate and consumption Euler interest ratethat standard models equate. It further implies a dampenedresponse of consumption to policy rate shocks that is humpshapedwhen we account for realistic central bank transfersand the dynamics of bond holdings.
- Sprache
-
Englisch
- Erschienen in
-
Series: Tinbergen Institute Discussion Paper ; No. 09-094/2
- Klassifikation
-
Wirtschaft
Monetary Policy
Central Banks and Their Policies
Interest Rates: Determination, Term Structure, and Effects
Business Fluctuations; Cycles
- Thema
-
Monetary policy
Open market operations
Liquidity
Geldpolitik
Liquidität
Inflationserwartung
Gesamtwirtschaftlicher Konsum
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Reynard, Samuel
Schabert, Andreas
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Reynard, Samuel
- Schabert, Andreas
- Tinbergen Institute
Entstanden
- 2009
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