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- W3122446863 abstract "This paper reexamines the role of open market operations for monetary transmission and equilibrium determinacy. Money demand is due to a cash constraint, while the central bank supplies money exclusively via repurchase agreements. Though, the duration of holding money is ...nite, settlement of repurchase agreements avoids the Hahn-paradox. We consider a legal restriction for open market operations by which only government bonds are accepted in exchange for money. In this case, agents care about open market operations when private debt earns a higher interest than government bonds. The model is then it able to generate liquidity e¤ects of monetary injections regardless whether prices are ‡exible or set in a staggered way. Money is neutral in the former case, whereas a monetary injection leads to a real and a nominal expansion in the latter case. A nominal interest rate peg is associated with a uniquely determined price level for ‡exible prices and equilibrium determinacy for sticky prices, and is equivalent to a constant money growth policy. JEL classi...cation: E52, E32." @default.
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- W3122446863 date "2004-01-01" @default.
- W3122446863 modified "2023-09-26" @default.
- W3122446863 title "On the relevance of open market operations for the short-run effects of monetary policy" @default.
- W3122446863 hasPublicationYear "2004" @default.
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