The liquidity effect and money demand

被引：12
|
作者：
Cook, D [1 ]
机构：
[1] Hong Kong Univ Sci & Technol, Dept Econ, Kowloon, Peoples R China
来源：
JOURNAL OF MONETARY ECONOMICS | 1999年 / 43卷 / 02期
关键词：
liquidity effect; intertemporal spillovers; increasing returns to scale; externalities; propagation;
D O I：
10.1016/S0304-3932(98)00056-7
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
I suggest a 'liquidity effect' model in which financial intermediation costs are determined by aggregate economic activity. An expansionary monetary shock leads to a persistent contraction in the loan-deposit rate spread, a persistent liquidity effect, and a persistent real expansion. A feature of this expansion is that nominal prices respond sluggishly to monetary shocks as an equilibrium outcome. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classification: E32; E4; E51.
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页码：377 / 390
页数：14
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