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Essays on macro and monetary economics.

Han, Han.

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Essays on macro and monetary economics.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on macro and monetary economics./
作者:	Han, Han.
面頁冊數:	49 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.
Contained By:	Dissertation Abstracts International76-11A(E).
標題:	Economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3708405
ISBN:	9781321836509

Essays on macro and monetary economics.
Han, Han.

Essays on macro and monetary economics. - 49 p.

Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 2015.

Chapter 1 talks about OTC markets and monetary policies. During the Great Recession, the Federal Reserve implemented two monetary policies: cutting interest rates and quantitative easing (QE). I develop a model to examine these two policies in a frictional financial environment. In this model, agents sell assets to acquire money when a consumption opportunity arises, which can only be done through over-the-counter (OTC) markets. In equilibrium, when the interest rate is low (not necessarily zero), households who trade in OTC markets achieve their optimal consumption. When the interest rate is high, QE will raise asset prices and lower households' consumption. The asset price increase indicates a higher liquidity premium, which reflects inefficiency in money reallocation.

ISBN: 9781321836509Subjects--Topical Terms:

517137
Economics.

Essays on macro and monetary economics.
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300 $a 49 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.
500 $a Adviser: Randall Wright.
502 $a Thesis (Ph.D.)--The University of Wisconsin - Madison, 2015.
520 $a Chapter 1 talks about OTC markets and monetary policies. During the Great Recession, the Federal Reserve implemented two monetary policies: cutting interest rates and quantitative easing (QE). I develop a model to examine these two policies in a frictional financial environment. In this model, agents sell assets to acquire money when a consumption opportunity arises, which can only be done through over-the-counter (OTC) markets. In equilibrium, when the interest rate is low (not necessarily zero), households who trade in OTC markets achieve their optimal consumption. When the interest rate is high, QE will raise asset prices and lower households' consumption. The asset price increase indicates a higher liquidity premium, which reflects inefficiency in money reallocation.
520 $a Chapter 2 talks about monetary transition paths. Governments make announcements before they implement monetary policies, which changes people's expectations and behaviors. Based on the Lagos--Wright framework, this paper studies transition paths between policy announcements and policy implementation and examines multiple cases. These cases include one fiat currency only, multiple fiat currencies, money and assets. The study proves that all transition paths are possible, including cycles and chaotic paths. It also finds that the injection of fiat currency could lead to fluctuations in consumption and real money balances without price stickiness. This finding offers a new perspective in the consideration of monetary neutrality.
590 $a School code: 0262.
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