Time-to-build, time-to-plan, habit-persistence, and the liquidity effect

• 成果类型: Article
• 署名作者: Edge, Rochelle M.
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2006.07.003
• 发表日期: 2007
• 页码: 1644-1669
• 关键词: investment gestation lags; habit-formation; liquidity effect; dynamic aggregative model

摘要

The inability of sticky-price monetary business cycle models to generate liquidity effects has been extensively documented by a number of authors. This paper develops a sticky-price monetary business cycle model with investment gestation lags and habit-persistence in consumption that is capable of generating an empirically plausible liquidity effect. Published by Elsevier B.V.