Liquidity effects in non-Ricardian economies

Abstract : It has often been found difficult to generate a liquidity effect (i.e., a negative effect of monetary injections on the nominal interest rate) in the traditional "Ricardian" stochastic dynamic model with a single infinitely lived household. We show that moving to a non-Ricardian environment where new agents enter the economy in each period allows such a liquidity effect to be generated.
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Article dans une revue
Scandinavian Journal of Economics, Wiley, 2006, 108 (1), pp.65-80. 〈10.1111/j.1467-9442.2006.00440.x〉
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Soumis le : mardi 20 novembre 2012 - 08:46:00
Dernière modification le : jeudi 11 janvier 2018 - 06:19:17

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Jean-Pascal Bénassy. Liquidity effects in non-Ricardian economies. Scandinavian Journal of Economics, Wiley, 2006, 108 (1), pp.65-80. 〈10.1111/j.1467-9442.2006.00440.x〉. 〈halshs-00754156〉

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