Show me the money : retained earnings and the real effects of monetary shocks (notice n° 208190)
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| fixed length control field | 02635cam a2200205 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250112052906.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Doepke, Matthias |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Show me the money : retained earnings and the real effects of monetary shocks |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2005.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 72 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | La littrature empirique sur les chocs de politique montaire nous informe que des chocs restrictifs sont suivis d'une hausse persistante des taux d'intrt et d'une diminution persistante de la production. Les modles montaires standards de cycle peuvent expliquer les effets directs des chocs montaires, mais ont des difficults reproduire la persistance de ceux-ci. Dans cet article, j'examine si les frictions qui affectent les dcisions des mnages d'allocation des ressources peuvent mener des effets persistants. Dans le modle, les mnages dtiennent deux actifs. L'un est utilis des fins de transaction (le compte vue) et l'autre des fins d'investissement (le carnet d'pargne). Il existe un faible cot de transaction pour transfrer des fonds entre les actifs. Le fait que les entreprises accumulent des bnfices non distribus et reversent les profits aux consommateurs avec un certain dlai constitue galement un facteur cl du modle. Je montre que dans cet environnement, des chocs montaires peuvent avoir des effets persistants mme si le cot d'ajustement est trs faible. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | The empirical literature on monetary policy shocks documents that contractionary shocks are followed by a persistent rise in interest rates and a persistent fall in output. Standard monetary business cycle models can account for the initial effects of monetary shocks, but have difficulty generating persistence. In this paper, I examine whether frictions that affect the asset allocation decisions of households can lead to persistent effects. In the model economy, households hold two assets, one used for transactions (the checking account) and one used for investment (the savings account). There is a small transaction cost for moving funds between the accounts. Another key feature of the economy is that the business sector accumulates retained earnings and credits profits to the consumers only with a delay. I show that in this environment monetary shocks have persistent effects even when the adjustment cost is very small. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | persistence |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | retained earnings |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Monetary shocks |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Recherches économiques de Louvain | 71 | 1 | 2005-02-01 | p. 5-34 | 0770-4518 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-recherches-economiques-de-louvain-2005-1-page-5?lang=en">https://shs.cairn.info/journal-recherches-economiques-de-louvain-2005-1-page-5?lang=en</a> |
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