Hostname: page-component-cd9895bd7-lnqnp Total loading time: 0 Render date: 2024-12-25T14:07:22.372Z Has data issue: false hasContentIssue false
  • English
  • Français

RESOLVING THE LIQUIDITY PUZZLE

Published online by Cambridge University Press:  02 March 2005

APOSTOLOS SERLETIS  and
VICTOR CHWEE
APOSTOLOS SERLETIS
Affiliation:
University of Calgary
VICTOR CHWEE
Affiliation:
University of Calgary
Get access Rights & Permissions [Opens in a new window]

Abstract

This paper considers a nonborrowed-monetary-base VAR and a targets and instrument framework favored by the monetarists to resolve the puzzles thrown up by monetary VAR studies. The results show that nonborrowed-monetary-base shocks produce responses consistent with a priori expectations about the effects of monetary policy on interest rates, prices, and output.

Keywords

Nonborrowed-Monetary-Base ShocksVAR ModelMonetary Aggregates
Type
Research Article
Information
Macroeconomic Dynamics , Volume 1 , Issue 4 , December 1997 , pp. 720 - 739
Copyright
© 1997 Cambridge University Press

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)