In search of the liquidity effect in a modern monetary model

Journal of Monetary Economics

Volumn 51, Issue 7, 2004, Pages 1467-1494

  Keen, Benjamin D ^a  

^a TEXAS TECH UNIVERSITY   (United States)

Author keywords

Business cycles; Limited participation; Monetary policy; Sticky prices

Indexed keywords

EID: 5444263922     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2003.12.003     Document Type: Article

References (43)

1. M. Baxter M.J. Crucini Explaining savings-investment correlations American Economic Review 83 1993 416-435
2. O.J. Blanchard N. Kiyotaki Monopolistic competition and the effects of aggregate demand American Economic Review 77 1987 647-666
3. B.S. Bernanke A.S. Blinder The federal funds rate and the channels of monetary transmission American Economic Review 82 1992 901-921
4. B.S. Bernanke I. Mihov Measuring monetary policy Quarterly Journal of Economics 113 1998 869-902
5. G.A. Calvo Staggered prices in a utility maximizing framework Journal of Monetary Economics 12 1983 383-398
6. R.S. Chirinko Business fixed investment spending: a critical survey of modeling strategies, empirical results and policy implications Journal of Economic Literature 31 1993 1875-1911
7. L.J. Christiano Modeling the liquidity effect of a money shock Federal Reserve Bank of Minneapolis Quarterly Review 15 1991 3-34
8. L.J. Christiano M. Eichenbaum Liquidity effects and the monetary transmission mechanism American Economic Review 82 1992 346-353
9. L.J. Christiano M. Eichenbaum Current real-business cycle theories and aggregate labor-market fluctuations American Economic Review 82 1992 430-450
10. L.J. Christiano M. Eichenbaum Identification and the liquidity effect of a monetary policy shock, in political economy In: A. Cukierman Z. Hercowitz L. Leiderman (Eds) Growth and Business Cycles 1992 MIT Press Cambridge, London 335-370
11. L.J. Christiano M. Eichenbaum Liquidity effects, monetary policy and the business cycle Journal of Money, Credit and Banking 27 1995 1113-1136
12. L.J. Christiano C.J. Gust Discussion of Andrew Levin, Volker Wieland, and John C Williams, 'Are Simple Monetary Policy Rules Robust to Model Uncertainty?' In: J. Taylor (Ed.) Monetary Policy Rules 1999 The University of Chicago Press Chicago
13. L.J. Christiano M. Eichenbaum C.L. Evans The effects of monetary policy shocks: evidence from the flow of funds Review of Economics and Statistics 78 1996 16-34
14. L.J. Christiano M. Eichenbaum C.L. Evans Sticky prices and limited participation models: a comparison European Economic Review 41 1997 1201-1249
15. Christiano L.J. Eichenbaum M. Evans C.L. 1998 Modeling money Working Paper No. 6371, National Bureau of Economic Research, Cambridge
16. L.J. Christiano M. Eichenbaum C.L. Evans Monetary policy shocks: what have we learned and to what end? In: J. Taylor M. (Ed.) Woodford Handbook of Macroeconomics 1999 Elsevier Science Publication Amsterdam
17. A. Dixit J. Stiglitz Monopolistic competition and optimum product diversity American Economic Review 67 1977 297-308
18. M. Dotsey P. Ireland Liquidity effects and transaction technologies Journal of Money, Credit, and Banking 27 1995 1441-1471
19. M. Dotsey R.G. King A.L. Wolman State dependent pricing and the general equilibrium dynamics of money and output Quarterly Journal of Economics 64 1999 655-690
20. J.P. Dow The demand and liquidity effects of monetary shocks Journal of Monetary Economics 36 1995 91-115
21. Edge R.M. 2000 Time-to-build, time-to-plan, habit-persistence, and the liquidity effect. International Finance Discussion Series No. 00-673, Boardof Governors of the Federal Reserve System
22. Fisher J. 1997 Monetary policy andinvestment manuscript, Federal Reserve Bank of Chicago
23. G. Hansen Indivisible labor and the business cycle Journal of Monetary Economics 16 1985 309-328
24. F. Hayashi Tobin's marginal and average q: a neoclassical interpretation Econometrica 50 1982 213-224
25. P. Ireland A small, structural, quarterly model for monetary policy evaluation Carnegie-Rochester Conference Series on Public Policy 47 1997 83-108
26. P. Ireland Sticky-price models of the business cycle: specification and stability Journal of Monetary Economics 47 2001 3-18
27. M.T. Kiley Partial adjustment and staggered price setting Journal of Money, Credit, and Banking 34 2002 283-298
28. J. Kim Constructing and estimating a realistic optimizing model of monetary policy Journal of Monetary Economics 45 2000 329-359
29. M. Kimball The quantitative analytics of the basic neomonetarist model Journal of Money, Credit, and Banking 27 1995 1241-1277
30. King R.G. Watson M. 1995 System reduction and solution algorithms for singular linear difference systems under rational expectations. manuscript, University of Virginia
31. R.G. King M. Watson Money, prices, interest rates, and the business cycle Review of Economics and Statistics 78 1996 35-53
32. R.G. King M. Watson The solution of singular linear difference systems under rational expectations International Economic Review 39 1998 1015-1026
33. R.G. King A.L. Wolman Inflation targeting in a St. Louis model of the 21st century Federal Reserve Bank of St. Louis Review 78 1996 83-107
34. E.M. Leeper D.B. Gordon In search of the liquidity effect Journal of Monetary Economics 29 1992 341-369
35. E.M. Leeper C.A. Sims T. Zha What does monetary policy do? Brookings Papers on Economic Activity 2 1996 1-78
36. Levin A. 1991 The macroeconomic significance of nominal wage contract duration. University of California at San Diego Working Paper No. 91-08
37. A.R. Pagan J.C. Robertson Resolving the liquidity effect Federal Reserve Bank of St. Louis Review 77 1995 33-54
38. R. Rogerson Indivisible labor, lotteries, and equilibrium Journal of Monetary Economics 21 1988 3-16
39. Rotemberg J. Woodford M. 1997 An optimization-based econometric framework for the evaluation of monetary policy. NBER Macroeconomics Annual 297-345
40. C.A. Sims Are forecasting models usable for policy analysis? Federal Reserve Bank of Minneapolis Quarterly Review 10 1986 2-16
41. S. Strongin The identification of monetary policy disturbances: explaining the liquidity puzzle Journal of Monetary Economics 35 1995 463-497
42. J.B. Taylor Aggregate dynamics and staggered contracts Journal of Political Economy 88 1980 1-23
43. D.L. Thornton The federal reserve's operating procedure, nonborrowed reserves borrowed reserves and the liquidity effect Journal of Banking and Finance 25 2001 1717-1739