Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
967250 | Journal of Monetary Economics | 2011 | 19 Pages |
Abstract
⺠Extend the model in Lagos and Wright (2005) to have capital. ⺠Stochastic trading opportunities are critical for matching observation on velocity. ⺠Holdup problems involving investment and money demand are important. ⺠Monetary policy can have a bigger impact on investment than previously thought. ⺠Reduce the gap between micro-founded models of money and mainstream macro.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
S. BoraÄan Aruoba, Christopher J. Waller, Randall Wright,