Monetary policy and distribution

• 成果类型: Article
• 署名作者: Williamson, Stephen D.
• 署名单位: Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.07.001
• 发表日期: 2008
• 页码: 1038-1053
• 关键词: Monetary policy; Segmented markets

摘要

A segmented markets model of monetary policy is constructed, in which a novel feature is goods market segmentation, and its relationship to conventional asset market segmentation. The implications of the model for the response of prices, interest rates, consumption, labor supply, and output to monetary policy are determined. As well, optimal monetary policy is studied, as are the costs of inflation. The model features persistent nonneutralities of money, relative price effects of increases in the money Supply, persistent liquidity effects. and a negative Fisher effect from a money supply increase. A Friedman rule is in general suboptimal. (C) 2008 Elsevier B.V. All rights reserved.