2024-03-28T11:40:06Zhttps://repositorio.bde.es/oai/requestoai:repositorio.bde.es:123456789/67162023-12-18T15:42:19Zcom_123456789_5661com_123456789_21col_123456789_5689
Andrés, Javier
López Salido, J. David
Nelson, Edward
2019-08-10T17:52:35Z
2019-08-10T17:52:35Z
2008-03-04
ISSN: 0213-2710 (en papel)
ISSN: 1579-8666 (en línea)
https://repositorio.bde.es/handle/123456789/6716
000200983
DTRA-200805-eng
We examine the role of money in three environments: the New Keynesian model with separable utility and static money demand
a nonseparable utility variant with habit formation
and a version with adjustment costs for holding real balances. The last two variants imply forward-looking behavior of real money balances, with forecasts of future interest rates entering current portfolio decisions. We conduct a structural econometric analysis of the U.S. and euro area economies. FIML estimates confirm the forward-looking character of money demand. A consequence is that real money balances are valuable in anticipating future variations in the natural interest rate
eng
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
Money
Natural rate
New Keynesian models
Money and the natural rate of interest : structural estimates for the United States and the Euro Area
Documento de trabajo