Money and interest rates with endogeneously segmented markets:
This paper analyses the effects of open market operations on interest rates in a model in which agents must pay a fixed cost to exchange assets and cash. Asset markets are endogenously segmented in that some agents choose to pay the fixed cost and some do not. When the fixed cost is zero, the model...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
1999
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
7060 |
| Schlagworte: | |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | This paper analyses the effects of open market operations on interest rates in a model in which agents must pay a fixed cost to exchange assets and cash. Asset markets are endogenously segmented in that some agents choose to pay the fixed cost and some do not. When the fixed cost is zero, the model reduces to the standard one in which persistent money injections increase interest rates, flatten the yield curve, and lead to a downward-sloping yield curve on average. In contrast sufficiently segmented, then persistent money injections decrease nominal interest rates, steepen or even twist the yield curve, and lead to an upward-sloping yield curve on average. |
| Beschreibung: | 35, [1] S. graph. Darst. |
Internformat
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| 245 | 1 | 0 | |a Money and interest rates with endogeneously segmented markets |c Fernando Alvarez ; Andre Atkeson ; Patrick J. Kehoe |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 1999 | |
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 7060 | |
| 520 | |a This paper analyses the effects of open market operations on interest rates in a model in which agents must pay a fixed cost to exchange assets and cash. Asset markets are endogenously segmented in that some agents choose to pay the fixed cost and some do not. When the fixed cost is zero, the model reduces to the standard one in which persistent money injections increase interest rates, flatten the yield curve, and lead to a downward-sloping yield curve on average. In contrast sufficiently segmented, then persistent money injections decrease nominal interest rates, steepen or even twist the yield curve, and lead to an upward-sloping yield curve on average. | ||
| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Interest rates |x Econometric models | |
| 650 | 4 | |a Liquidity (Economics) |x Econometric models | |
| 650 | 4 | |a Monetary policy |x Econometric models | |
| 650 | 4 | |a Money supply |x Econometric models | |
| 700 | 1 | |a Atkeson, Andrew |d 1961- |e Verfasser |0 (DE-588)128378166 |4 aut | |
| 700 | 1 | |a Kehoe, Patrick J. |e Verfasser |0 (DE-588)124744540 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 7060 |w (DE-604)BV002801238 |9 7060 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w7060.pdf |z kostenfrei |3 Volltext |
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Datensatz im Suchindex
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| author | Alvarez, Fernando 1964- Atkeson, Andrew 1961- Kehoe, Patrick J. |
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| author_facet | Alvarez, Fernando 1964- Atkeson, Andrew 1961- Kehoe, Patrick J. |
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| id | DE-604.BV012639124 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:31:06Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008587366 |
| oclc_num | 41536188 |
| open_access_boolean | 1 |
| owner | DE-19 DE-BY-UBM DE-473 DE-BY-UBG DE-521 |
| owner_facet | DE-19 DE-BY-UBM DE-473 DE-BY-UBG DE-521 |
| physical | 35, [1] S. graph. Darst. |
| publishDate | 1999 |
| publishDateSearch | 1999 |
| publishDateSort | 1999 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Alvarez, Fernando 1964- Verfasser (DE-588)12855178X aut Money and interest rates with endogeneously segmented markets Fernando Alvarez ; Andre Atkeson ; Patrick J. Kehoe Cambridge, Mass. National Bureau of Economic Research 1999 35, [1] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 7060 This paper analyses the effects of open market operations on interest rates in a model in which agents must pay a fixed cost to exchange assets and cash. Asset markets are endogenously segmented in that some agents choose to pay the fixed cost and some do not. When the fixed cost is zero, the model reduces to the standard one in which persistent money injections increase interest rates, flatten the yield curve, and lead to a downward-sloping yield curve on average. In contrast sufficiently segmented, then persistent money injections decrease nominal interest rates, steepen or even twist the yield curve, and lead to an upward-sloping yield curve on average. Ökonometrisches Modell Interest rates Econometric models Liquidity (Economics) Econometric models Monetary policy Econometric models Money supply Econometric models Atkeson, Andrew 1961- Verfasser (DE-588)128378166 aut Kehoe, Patrick J. Verfasser (DE-588)124744540 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 7060 (DE-604)BV002801238 7060 http://papers.nber.org/papers/w7060.pdf kostenfrei Volltext |
| spellingShingle | Alvarez, Fernando 1964- Atkeson, Andrew 1961- Kehoe, Patrick J. Money and interest rates with endogeneously segmented markets National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Interest rates Econometric models Liquidity (Economics) Econometric models Monetary policy Econometric models Money supply Econometric models |
| title | Money and interest rates with endogeneously segmented markets |
| title_auth | Money and interest rates with endogeneously segmented markets |
| title_exact_search | Money and interest rates with endogeneously segmented markets |
| title_full | Money and interest rates with endogeneously segmented markets Fernando Alvarez ; Andre Atkeson ; Patrick J. Kehoe |
| title_fullStr | Money and interest rates with endogeneously segmented markets Fernando Alvarez ; Andre Atkeson ; Patrick J. Kehoe |
| title_full_unstemmed | Money and interest rates with endogeneously segmented markets Fernando Alvarez ; Andre Atkeson ; Patrick J. Kehoe |
| title_short | Money and interest rates with endogeneously segmented markets |
| title_sort | money and interest rates with endogeneously segmented markets |
| topic | Ökonometrisches Modell Interest rates Econometric models Liquidity (Economics) Econometric models Monetary policy Econometric models Money supply Econometric models |
| topic_facet | Ökonometrisches Modell Interest rates Econometric models Liquidity (Economics) Econometric models Monetary policy Econometric models Money supply Econometric models |
| url | http://papers.nber.org/papers/w7060.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT alvarezfernando moneyandinterestrateswithendogeneouslysegmentedmarkets AT atkesonandrew moneyandinterestrateswithendogeneouslysegmentedmarkets AT kehoepatrickj moneyandinterestrateswithendogeneouslysegmentedmarkets |