期刊名称：Discussion Paper Series / Universität Heidelberg, Department of Economics
出版年度：2012
卷号：2012
出版社：Universität Heidelberg, Department of Economics
摘要：This paper examines how segmented asset markets can generate real and nominal effectsof monetary policy. I develop a model, in which varieties of consumption bundles are pur-chased sequentially. Newly injected money thus disseminates slowly through the economyvia second-round effects and induces a longer-lasting, non-degenerate wealth distribution.As a result, the demand elasticity differs across consumers, affecting optimal markups cho-sen by producers. The model predicts a short-term in.ation-output trade-off, a liquidityeffect, countercyclical markups, and procyclical wages and expenditure dispersion acrossconsumers after monetary shocks. Including a modest degree of real or nominal wage rigid-ity yields responses that are also quantitatively in line with empirical evidence
