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Responses of inflation and output to monetary shocks in a Baumol-Tobin model
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Autores
Orientador(es)
Resumo(s)
The question of how monetary policy a¤ects the main economic variables remains one of the most important questions of the economic literature. With this dissertation I will try to contribute to the literature to answer this question. I will create a general equilibrium model with market segmentation based on the model of Alvarez et al (2009). The agents of the model will
make transactions between money and bonds every N periods. The money is needed to buy goods but does not receive interest. The novelty of my model is that production will be endogenous. I will introduce a shock to the nominal interest rate and obtain the responses of in ation and output. The main
conclusions are twofold. In the rst place, I obtain that the shock to the nominal interest rate has real e¤ects because in ation responds sluggishly. In the second place, I obtain that the response of in ation changes signi cantly when production is endogenous instead of exogenous.
Descrição
Mestrado em Economia Monetária e Financeira
Palavras-chave
cash-in-advance models market segmentation interest rate shocks
Contexto Educativo
Citação
Verheij, Thomas Joel. 2012. "Responses of inflation and output to monetary shocks in a Baumol-Tobin model". Dissertação de Mestrado. Universidade Técnica de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão