MONETARY POLICY AND ENDOWMENT RISK IN A LIMITED PARTICIPATION MODEL

被引：2
|
作者：
Choi, Hyung Sun [1 ]
机构：
[1] Korea Insurance Res Inst, Dept Financial Inst & Regulat, Seoul 150606, South Korea
来源：
ECONOMIC INQUIRY | 2011年 / 49卷 / 01期
关键词：
EXCHANGE-RATES; MONEY; LIQUIDITY; SEARCH;
D O I：
10.1111/j.1465-7295.2010.00283.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
A limited participation model is constructed to study the risk-sharing role of monetary policy. A fraction of households exchange money for interest-bearing government nominal bonds in the asset market and the government injects money through open market operations. In equilibrium, money is nonneutral and monetary policy redistributes consumption across households. Without idiosyncratic endowment risk, monetary policy becomes a perfect risk-sharing tool, but with idiosyncratic endowment risk, it is not. The Friedman rule is not optimal in general. (JEL E4, E5).
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页码：89 / 93
页数：5
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