Tobin's imperfect asset substitution in optimizing general equilibrium

Journal of Money, Credit and Banking

Volumn 36, Issue 4, 2004, Pages 665-690

  Andrés, Javier ^a,b   López Salido, J David ^c,d   Nelson, Edward ^b,e  

^a UNIVERSITY OF VALENCIA   (Spain)

^b Bank of Spain ^*

^c BANCO DE ESPAÑA   (Spain)

^d CEPR   (United Kingdom)

^e FEDERAL RESERVE BANK OF ST LOUIS   (United States)

Author keywords

Imperfect asset substitution; Term structure; Transmission mechanism of monetary policy

Indexed keywords

EID: 4544319035     PISSN: 00222879     EISSN: None     Source Type: Journal    
DOI: 10.1353/mcb.2004.0061     Document Type: Conference Paper

References (41)

1. Anderson, Richard G., and Robert H. Rasche (2000). "The Domestic Adjusted Monetary Base." Federal Reserve Bank of St Louis Working Paper.
2. Andrés, Javier, J. David López-Salido, and Edward Nelson (2003). "Money and the Natural Rate of Interest: Structural Estimates for the U.K., the U.S., and the Euro Area." Manuscript, Federal Reserve Bank of St. Louis.
3. Andrés, Javier, J. David López-Salido, and Javier Vallés (2001). "Money in an Estimated Business Cycle Model of the Euro Area." Bank of Spain Working Paper No. 121.
4. Basu, Susantu, and Fernald, John G. (1997). "Returns to Scale in U.S. Production: Estimates and Implications." Journal of Political Economy 105, 249-283.
5. Bernanke, Ben S. (2002). "Deflation: Making Sure 'It' Doesn't Happen Here." Remarks before the National Economists Club, Washington, DC.
6. Brunner, Karl, and Allan H. Meltzer (1973). "Mr. Hicks and the 'Monetarists.'" Economica 40, 44-59.
7. Bruskin, Eric, Anthony B. Sanders, and David Sykes (2000). "The Nonagency Mortgage Market: Background and Overview." In The Handbook of Nonagency Mortgage-Backed Securities, 2nd edition, edited by Frank J. Fabozzi, Chuck Ramsey, and Michael Marz, pp. 5-38. New York: Wiley.
8. Calvo, Guillermo (1983). "Staggered Prices in a Utility-Maximizing Framework." Journal of Monetary Economics 12, 383-398.
9. Canzoneri, Matthew B., and Behzad T. Diba (2003). "Interest-Rate Rules and Price Determinacy: The Role of Transactions Services of Bonds." Manuscript, Georgetown University.
10. Christiano, Lawrence J., and Christopher J. Gust (1999). "Comment." In Monetary Policy Rules, edited by John B. Taylor, pp. 299-316. Chicago: University of Chicago Press.
11. Congdon, Tim (1982). Monetary Control in Britain. London: Macmillan.
12. Eggertsson, Gauti B., and Michael Woodford (2003). "The Zero Interest-Rate Bound and Optimal Monetary Policy." Brookings Papers on Economic Activity 34, 139-233.
13. Evans, Charles L., and David A. Marshall (1998). "Monetary Policy and the Term Structure of Nominal Interest Rates: Evidence and Theory." Carnegie-Rochester Conference Series on Public Policy 49, 53-111.
14. Friedman, Benjamin (1976). "The Theoretical Nondebate about Monetarism." Kredit und Kapital 9, 347-367.
15. Friedman, Benjamin M. (1978). "Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits." Brookings Papers on Economic Activity 9, 593-641.
16. Friedman, Milton, and Anna J. Schwartz (1982). Monetary Trends in the United States and the United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867-1975. Chicago: University of Chicago Press.
17. Galí, Jordi, Mark Gertler, and J. David López-Salido (2001). "European Inflation Dynamics." European Economic Review 45, 1237-1270.
18. Goldfeld, Stephen M. (1973). "The Demand for Money Revisited." Brookings Papers on Economic Activity 4, 577-646.
19. Hall, Robert, E. (1997). "Macroeconomic Fluctuations and the Allocation of Time." Journal of Labor Economics 15, 223-250.
20. Hansen, Lars P., and Thomas J. Sargent (1997). Recursive Models of Dynamic Linear Economies. Unpublished Manuscript, Hoover Institution.
21. International Monetary Fund (2001). World Economic Outlook, May 2001: Fiscal Policy and Macroeconomic Stability. Washington, DC: IMF.
22. Ireland, Peter N. (2001). "Sticky-Price Models of the Business Cycle: Specification and Stability." Journal of Monetary Economics 47, 3-18.
23. Ireland, Peter N. (2003). "Endogenous Money or Sticky Prices?" Journal of Monetary Economics 50, 1623-1648.
24. Ireland, Peter N. (2004). "Money's Role in the Monetary Business Cycle." Journal of Money, Credit, and Banking, forthcoming.
25. Kashyap, Anil (1999). "Government Debt, the Composition of Bank Portfolios, and the Transmission of Monetary Policy: Discussion." In Government Debt Structure and Monetary Conditions, edited by K. Alec Chrystal, pp. 190-193. London: Bank of England.
26. Kim, Jinill (2000). "Constructing and Estimating a Realistic Optimizing Model of Monetary Policy." Journal of Monetary Economics 45, 329-359.
27. Kuttner, Kenneth, and Cara Lown (1999). "Government Debt, the Composition of Bank Portfolios, and the Transmission of Monetary Policy." In Government Debt Structure and Monetary Conditions, edited by K. Alec Chrystal, pp. 165-189. London: Bank of England.
28. Mishkin, Frederic S. (1983). "Recent Velocity Behavior, the Demand for Money and Monetary Policy: Discussion." In Proceedings of the Conference on Monetary Targeting and Velocity, pp. 129-32. San Francisco: Federal Reserve Bank of San Francisco.
29. Modigliani, Franco (1944). "Liquidity Preference and the Theory of Interest and Money." Econometrica 12, 45-88.
30. Nelson, Edward (2002). "Direct Effects of Base Money on Aggregate Demand: Theory and Evidence." Journal of Monetary Economics 49, 687-708.
31. Rotemberg, Julio J., and Michael Woodford (1999). "Interest-Rate Rules in an Estimated Sticky-Price Model." In Monetary Policy Rules, edited by John B. Taylor, pp. 57-119. Chicago: University of Chicago Press.
32. Rudebusch, Glenn D., and Lars E.O. Svensson (1999). "Policy Rules for Inflation Targeting." In Monetary Policy Rules, edited by John B. Taylor, pp. 203-246. Chicago: University of Chicago Press.
33. Rudebusch, Glenn D., and Lars E.O. Svensson (2002). "Eurosystem Monetary Targeting: Lessons from U.S. Data." European Economic Review 46, 417-442.
34. Sargent, Thomas J. (1987). Dynamic Macroeconomic Theory, 2nd edition. Cambridge, MA: Harvard University Press.
35. Svensson, Lars E.O. (2000). "Open-Economy Inflation Targeting." Journal of International Economics 50, 155-183.
36. Tobin, James (1961). "Money, Capital, and Other Stores of Value." American Economic Review (Papers and Proceedings) 51, 26-37.
37. Tobin, James (1969). "A General Equilibrium Approach to Monetary Theory." Journal of Money, Credit, and Banking 1, 15-29.
38. Tobin, James (1974). "Friedman's Theoretical Framework." In Milton Friedman's Monetary Framework: A Debate with His Critics, edited by Robert J. Gordon, pp. 77-89. Chicago: University of Chicago Press.
39. Tobin, James (1982). "Money and Finance in the Macroeconomic Process." Journal of Money, Credit, and Banking 142, 171-204.
40. Walsh, Carl E. (2003). Monetary Theory and Policy, 2nd edition. Cambridge, MA: MIT Press.
41. Woodford, Michael (2003). Interest and Prices: Foundations of a Theory of Monetary Policy.-Princeton, NJ: Princeton University Press.