Search, Limited Participation, and Monetary Policy

Stephen Williamson

No 214, 2004 Meeting Papers from Society for Economic Dynamics

Abstract: A model is developed that employs recent developments in the literature on search models of money to capture the distributional effects of monetary policy in a tractable way. Deterministic and stochastic versions of the model are studied. Money is not neutral, and these non-neutralities persist, whether or not the change in the money supply is anticipated or unanticipated. At the optimum, monetary policy is geared to correcting distortions in the search sector of the economy, while correcting for the persistent effects of past monetary policy actions

Keywords: Search; Limited Participation; Money (search for similar items in EconPapers)
JEL-codes: E4 E5 (search for similar items in EconPapers)
Date: 2004
New Economics Papers: this item is included in nep-dge, nep-mac and nep-mon
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Citations: View citations in EconPapers (11)

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Journal Article: SEARCH, LIMITED PARTICIPATION, AND MONETARY POLICY * (2006)
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