Limited Commitment and the Demand for Money.
Understanding money demand is important for our comprehension of macroeconomics and monetary policy. Its instability has made this a challenge. Common explications for the instability are financial regulations and financial innovations that shift the money demand function. We provide a complementary...
| Publicado en: | Economic Journal Vol. 128; no. 610; pp. 1128 - 1157 |
|---|---|
| Autores principales: | , , |
| Formato: | Artículo |
| Publicado: |
Oxford University Press / USA
May2018
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=129512178&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 129512178 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00130133 EJN jtl: Economic Journal issn: 00130133 maglogo: N pubinfo: dt: May2018 vid: 128 iid: 610 pid: 622 pub: Oxford University Press / USA artinfo: ui: 129512178 10.1111/ecoj.12449 ppf: 1128 ppct: 29 formats: tig: atl: Limited Commitment and the Demand for Money. aug: au: Berentsen, Aleksander Huber, Samuel Marchesiani, Alessandro affil: University of Basel and Federal Reserve Bank of St. Louis University of Basel University of Liverpool su: Macroeconomics Economic demand Demand for money Monetary policy Interest rates Credit control sug: subj: Macroeconomics Economic demand Other Activities Related to Credit Intermediation Demand for money Monetary policy Interest rates Credit control ab: Understanding money demand is important for our comprehension of macroeconomics and monetary policy. Its instability has made this a challenge. Common explications for the instability are financial regulations and financial innovations that shift the money demand function. We provide a complementary view by showing that a model where borrowers have limited commitment can significantly improve the fit between the theoretical money demand function and the data. Limited commitment can also explain why the ratio of credit to M1 is currently so low, despite that nominal interest rates are at their lowest recorded levels. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
|---|