Persistance des habitudes de consommations et effet de liquidité

Stéphane Auray

Annals of Economics and Statistics, 2006, issue 82, 129-150

Abstract: This paper shows that introducing habit persistence in a limited participation model allows to reproduce a persistent liquidity effect. Furthermore, the decomposition of the monetary effects on nominal interest rate allows to isolate the liquidity premium defined by Fuerst [1992]. Then, we show that habit persistence allows to increase the persistence of the response of the interest rate to a change in monetary policy via the effect on this liquidity premium.

Date: 2006
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.jstor.org/stable/20079154 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:2006:i:82:p:129-150

Access Statistics for this article

Annals of Economics and Statistics is currently edited by Laurent Linnemer

More articles in Annals of Economics and Statistics from GENES Contact information at EDIRC.
Bibliographic data for series maintained by Secretariat General () and Laurent Linnemer ().