Ontology type: schema:Chapter
2002
AUTHORSBurkhard Heer , Andreas Schabert
ABSTRACTThis paper presents a business cycle analysis of monetary policy shocks measured by disturbances to open market operations, i. e. the ratio of bonds to reserves. We develop a dynamic general equilibrium model with financial intermediation and staggered prices. In accordance with empirical evidence, a monetary tightening leads to a fall in output, monetary aggregates, and factor prices. In contrast to an alternative model specification with money growth shocks, our model with disturbances to open market operations generates a persistent decline in output as well as a rise of nominal and real interest rates on bonds in response to a monetary contraction. In addition, the model’s ability to replicate second moments of empirical time series is superior to the one of a model with a money growth shock. More... »
PAGES105-130
Market Imperfections and Macroeconomic Dynamics
ISBN
978-1-4419-4903-5
978-1-4757-3598-7
http://scigraph.springernature.com/pub.10.1007/978-1-4757-3598-7_5
DOIhttp://dx.doi.org/10.1007/978-1-4757-3598-7_5
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