학술논문
Monetary Policy and Endowment Risk in a Limited Participation Model
이용수 2
- 영문명
- Monetary Policy and Endowment Risk in a Limited Participation Model
- 발행기관
- 한국계량경제학회
- 저자명
- Choi, Hyung Sun
- 간행물 정보
- 『한국계량경제학회 학술대회 논문집』2009년 공동학술대회, 1~12쪽, 전체 12쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2008.11.30
4,240원
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국문 초록
영문 초록
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. The government injects money through open market operations with only participating households. In equilibrium, money is nonneutral and there are distributional effects of monetary policy. Monetary policy is a perfect risk-sharing tool without endowment risk, but it is not with idiosyncratic endowment risk. The Friedman rule is not optimal in general.
목차
1 Introduction
2 The Model
3 Equilibrium Dynamics
4 Without Idiosyncratic Shocks
5 With Idiosyncratic Shocks
6 Conclusion
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