Optimal monetary impulse-response functions in a matching model
By: Brett Katzman, John Kennan, and Neil Wallace.
Contributors: Kennan, John.; Wallace, Neil.; Federal Reserve Bank of Minneapolis. Research Dept.
Series: Working paper / Federal Reserve Bank of Minneapolis, Research Dept. ;; 595; Working paper (Federal Reserve Bank of Minneapolis : Online) ;; 595.
Publisher: Federal Reserve Bank of Minneapolis
Published: 1999
Place of publication: [Minneapolis, Minn.]
Language: eng
Format: Electronic resource
Subjects: Money supply -- Econometric models.; Prices -- Econometric models.
Description: "The effects on ex ante optima of a lag in seeing monetary realizations are studied using a matching model of money.  The main new ingredient in the model is meetings in which producers have more information than consumers.  A consequence is that increases in the amount of money that occur with small enough probability can have negative impact effects on output, because it is optimal to shut down trade in such low probability meetings rather than have lower output when high probability realizations occur.  The information lag also produces prices that do not respond much to current monetary realizations"--Federal Reserve Bank of Minneapolis web site.
Notes: Includes bibliographical references.
Title from abstract page as viewed on 1/5/2005.
"September 1999."
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.