Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy
This paper proposes a novel mechanism by which changes in the distribution of money holdings have real effects. Specifically, I develop a flexible-price model of segmented asset markets that generates real aggregate effects of monetary policy through the dependence of optimal markups on the heteroge...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Dokumenttyp: | Buch/Monographie Arbeitspapier |
| Sprache: | Englisch |
| Veröffentlicht: |
Munich
CESifo, Center for Economic Studies & Ifo Institute
May 2017
|
| Schriftenreihe: | CESifo working paper Category 7, Monetary policy and international finance
no. 6467 |
| In: |
CESifo working papers (no. 6467)
|
| Schlagworte: | |
| Online-Zugang: | Resolving-System, Volltext: http://hdl.handle.net/10419/161906 Verlag, Volltext: http://www.cesifo-group.de/ifoHome/publications/working-papers/CESifoWP/CESifoWPdetails?wp_id=19323442 
|
| Verfasserangaben: | Zeno Enders |
MARC
| LEADER | 00000cam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | 888234228 | ||
| 003 | DE-627 | ||
| 005 | 20250306213929.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 170530s2017 gw |||||o 00| ||eng c | ||
| 024 | 7 | |a 10419/161906 |2 hdl | |
| 035 | |a (DE-627)888234228 | ||
| 035 | |a (DE-576)9888234226 | ||
| 035 | |a (DE-599)GBV888234228 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 044 | |c XA-DE | ||
| 084 | |a 17 |2 sdnb | ||
| 084 | |a E31 |a E32 |a E51 |2 jelc | ||
| 100 | 1 | |a Enders, Zeno |d 1977- |e VerfasserIn |0 (DE-588)1042697515 |0 (DE-627)76941379X |0 (DE-576)343512777 |4 aut | |
| 245 | 1 | 0 | |a Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy |c Zeno Enders |
| 264 | 1 | |a Munich |b CESifo, Center for Economic Studies & Ifo Institute |c May 2017 | |
| 300 | |a 1 Online-Ressource (circa 57 Seiten) |b Illustrationen | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 490 | 1 | |a CESifo working paper |v no. 6467 |a Category 7, Monetary policy and international finance | |
| 520 | |a This paper proposes a novel mechanism by which changes in the distribution of money holdings have real effects. Specifically, I develop a flexible-price model of segmented asset markets that generates real aggregate effects of monetary policy through the dependence of optimal markups on the heterogeneity of money holdings. Because varieties of consumption bundles are purchased sequentially, newly injected money disseminates slowly throughout the economy via second-round effects. The model predicts a short-term inflation-output trade-off, a liquidity effect, countercyclical markups, and procyclical wages after monetary shocks. Among other correlations of financial variables, it also reproduces the empirical, negative relationship between changes in the money supply and markups. | ||
| 650 | 4 | |a segmented asset markets |7 (dpeaa)DE-206 | |
| 650 | 4 | |a monetary policy |7 (dpeaa)DE-206 | |
| 650 | 4 | |a countercyclical markups |7 (dpeaa)DE-206 | |
| 650 | 4 | |a liquidity effect |7 (dpeaa)DE-206 | |
| 650 | 4 | |a heterogenous money holdings |7 (dpeaa)DE-206 | |
| 655 | 4 | |0 (DE-206)24 |a Arbeitspapier |5 DE-206 | |
| 655 | 4 | |0 (DE-206)34 |a Graue Literatur |5 DE-206 | |
| 810 | 2 | |a CESifo GmbH |t CESifo working papers |v no. 6467 |9 6467000 |w (DE-627)340076984 |w (DE-576)281209073 |w (DE-600)2065232-X |x 2364-1428 |7 am | |
| 856 | 4 | 0 | |u http://hdl.handle.net/10419/161906 |x Resolving-System |3 Volltext |
| 856 | 4 | 0 | |u http://www.cesifo-group.de/ifoHome/publications/working-papers/CESifoWP/CESifoWPdetails?wp_id=19323442 |x Verlag |3 Volltext |
| 951 | |a BO | ||
| 992 | |a 20210209 | ||
| 993 | |a WorkingPaper | ||
| 994 | |a 2017 | ||
| 998 | |g 1042697515 |a Enders, Zeno |m 1042697515:Enders, Zeno |d 180000 |d 181000 |e 180000PE1042697515 |e 181000PE1042697515 |k 0/180000/ |k 1/180000/181000/ |p 1 |x j |y j | ||
| 999 | |a KXP-PPN888234228 |e 3850322661 | ||
| BIB | |a Y | ||
| JSO | |a {"recId":"888234228","language":["eng"],"origin":[{"publisherPlace":"Munich","dateIssuedKey":"2017","publisher":"CESifo, Center for Economic Studies & Ifo Institute","dateIssuedDisp":"May 2017"}],"id":{"hdl":["10419/161906"],"eki":["888234228"]},"relMultPart":[{"pubHistory":["Nr. 1.1991 -"],"language":["eng"],"recId":"340076984","note":["Gesehen am 30.04.25"],"dispAlt":"CESifo GmbH: CESifo working papers","origin":[{"publisher":"[Verlag nicht ermittelbar]","dateIssuedDisp":"1991-","dateIssuedKey":"1991","publisherPlace":"München"}],"id":{"zdb":["2065232-X"],"issn":["2364-1428"],"hdl":["10419/19"],"eki":["340076984"]},"type":{"media":"Online-Ressource","bibl":"serial"},"physDesc":[{"extent":"Online-Ressource"}],"title":[{"title":"CESifo working papers","title_sort":"CESifo working papers"}],"corporate":[{"display":"CESifo GmbH","role":"aut"},{"role":"isb","display":"Ludwig-Maximilians-Universität München"}],"titleAlt":[{"title":"CESifo working paper series"},{"title":"Working paper"},{"title":"CES working paper series"}],"disp":"CESifo working paper","part":{"number_sort":["6467000"],"number":["no. 6467"]}}],"type":{"bibl":"book","media":"Online-Ressource"},"physDesc":[{"extent":"1 Online-Ressource (circa 57 Seiten)","noteIll":"Illustrationen"}],"title":[{"title":"Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy","title_sort":"Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy"}],"person":[{"display":"Enders, Zeno","family":"Enders","given":"Zeno","role":"aut"}],"name":{"displayForm":["Zeno Enders"]}} | ||
| SRT | |a ENDERSZENOHETEROGENE2017 | ||