000			02441cam a22003617 4500
001			w14244
003			NBER
005			20211020111722.0
006			m o d
007			cr cnu||||||||
008			210910s2008 mau fo 000 0 eng d
100	1		_aCanzoneri, Matthew.
245	1	0	_aMonetary Aggregates and Liquidity in a Neo-Wicksellian Framework / _cMatthew Canzoneri, Robert E. Cumby, Behzad Diba, David Lopez-Salido.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2008.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w14244
500			_aAugust 2008.
520	3		_aWoodford (2003) describes a popular class of neo-Wicksellian models in which monetary policy is characterized by an interest-rate rule, and the money market and financial institutions are typically not even modeled. Critics contend that these models are incomplete and unsuitable for monetary-policy evaluation. Our Banks and Bonds model starts with a standard neo-Wicksellian model and then adds banks and a role for bonds in the liquidity management of households and banks. The Banks and Bonds model gives a more complete description of the economy, but the neo-Wicksellian model has the virtue of simplicity. Our purpose here is to see if the neo-Wicksellian model gives a reasonably accurate account of macroeconomic behavior in the more complete Banks and Bonds model. We do this by comparing the models' second moments, variance decompositions and impulse response functions. We also study the role of monetary aggregates and velocity in predicting inflation in the two models.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE40 - General _2Journal of Economic Literature class.
690		7	_aE50 - General _2Journal of Economic Literature class.
700	1		_aCumby, Robert E. _98671
700	1		_aDiba, Behzad.
700	1		_aLopez-Salido, David.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w14244.
856	4	0	_uhttps://www.nber.org/papers/w14244
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w14244
942			_2ddc _cW-PAPER
999			_c333879 _d292441