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Stochastic discounting and the transmission of money supply shocks
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| Titel: | Stochastic discounting and the transmission of money supply shocks/ Ivan Jaccard |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2018]
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| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2174 (August 2018)
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| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | This paper studies the effects of money supply shocks in a general equilibrium model that reproduces a term premium of the magnitude observed in the data. In an environment where financial frictions are the main source of monetary non-neutrality, I find that money supply shocks are less effective at stimulating inflation in recessions than in expansions. In terms of quantitative magnitude, the impact effect on inflation of a money supply shock is about half as large during recessions than during booms. This state dependence is essentially due to the time-variation in stochastic discounting that is needed to match the data. |
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| Umfang: | 1 Online-Ressource (circa 61 Seiten); Illustrationen |
| ISBN: |
9789289932790
9289932791 |
| DOI: | 10.2866/81461 |