Modelo de ciclo de negocios real con dinero endógeno y pasivo

Guberman, Carlos and Cymbler, David (2014): Modelo de ciclo de negocios real con dinero endógeno y pasivo.

Abstract

We built a real business cycle model with inside money and passive monetary policy that shows some interesting features regarding interest rate dynamics and credit market behavior. We find that the model is stable, a feature that was difficult to find in the literature on passive money. We think this would be a good starting point to analyze monetary policy before and after the international financial crisis that started at the market for secured loans.

• Item Type: MPRA Paper
• English Title: A real business cycle model with endogenous and passive money
• Language: Spanish
• Keywords: Passive money, endogenous money, monetary policy, collateral constraint
• Subjects: E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E10 - General; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E43 - Interest Rates: Determination, Term Structure, and Effects; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy

References

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Goodfriend, Marvin “Narrow money, broad money, and the transmission of monetary policy” Board of Governors of the Federal Reserve System (U.S.) journal Proceedings 276-303. 2004

Kiyotaki, Nabuhiro y John Moore “Inside Money and Liquidity”, ESE Discussion Papers with number 115, 2004