Implications of habit formation for optimal monetary policy
Article Abstract:
The implications for optimal monetary policy of introducing habit formation in consumption into a general equilibrium model with sticky prices are studied. Habit formation affects both aggregate demand and households' supply of output.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2004
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Optimal pricing of intraday liquidity
Article Abstract:
A general equilibrium model is presented where intraday liquidity is needed because the timing of payments is uncertain. As the market for liquidity may not achieve efficiency, this creates a role for the central bank.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2004
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Currency competition: a partial vindication of Hayek
Article Abstract:
The problem of competitive issuance of money is analyzed.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2006
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