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The Barnett critique after three decades : a new Keynesian analysis

Author: Michael T Belongia; Peter N Ireland; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2012.
Series: Working paper series (National Bureau of Economic Research), no. 17885.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper extends a New Keynesian model to include roles for currency and deposits as competing sources of liquidity services demanded by households. It shows that, both qualitatively and quantitatively, the Barnett critique applies: While a Divisia aggregate of monetary services tracks the true monetary aggregate almost perfectly, a simple-sum measure often behaves quite differently. The model also shows that  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Michael T Belongia; Peter N Ireland; National Bureau of Economic Research.
OCLC Number: 779702104
Notes: March 2012.
Title from http://www.nber.org/papers/17885 viewed March 12, 2012.
Description: 1 online resource (42, [10] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 17885.
Responsibility: Michael T. Belongia, Peter N. Ireland.

Abstract:

This paper extends a New Keynesian model to include roles for currency and deposits as competing sources of liquidity services demanded by households. It shows that, both qualitatively and quantitatively, the Barnett critique applies: While a Divisia aggregate of monetary services tracks the true monetary aggregate almost perfectly, a simple-sum measure often behaves quite differently. The model also shows that movements in both quantity and price indices for monetary services correlate strongly with movements in output following a variety of shocks. Finally, the analysis characterizes the optimal monetary policy response to disturbances that originate in the financial sector.

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