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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | A Monetary Model with Strong Liquidity Effects |
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| Institution | University of Zurich |
| Series Name | Working paper series / Institute for Empirical Research in Economics |
| Number | No. 353 |
| ISSN | 1424-0459 |
| Date | 2007 |
| Abstract Text | This paper studies the joint business cycle dynamics of innation, money growth, nominal and real interest rates and the velocity of money. I extend and estimate a standard cash and credit monetary model by adding idiosyncratic preference shocksnto cash consumption as well as a banking sector. The estimated model accounts very well for the business cycle data, a finding that standard monetary models have not been able to generate. I find that the quantitative performance of the model is explained through substantial liquidity effects. |
| Official URL | http://www.econ.uzh.ch/wp.html |
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