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Modelling the interaction of liquidity to price dynamics

  • This paper studies the impact of financial liquidity on the macro-economy. We extend a classic macroeconomic modeland compute numerical simulations. The model confirms that persistently low inflation can occur despite a high degreeof financial liquidity due to a reallocation of cash, normal and risk-free bonds. In that regard, our model uncovers anexplanation of a flat Phillips curve. Overall, our approach contributes to a rather disregarded matter in macroeconomictheory.

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Metadaten
Author of HS ReutlingenHerzog, Bodo
URN:urn:nbn:de:bsz:rt2-opus4-28619
URL:http://www.accessecon.com/Pubs/EB/2020/Volume40/EB-20-V40-I2-P122.pdf
ISSN:1545-2921
Erschienen in:Economics bulletin
Publisher:Univ. of Illinois
Place of publication:Champaign-Urbana, Ill
Document Type:Article
Language:English
Year of Publication:2020
Volume:40
Issue:2
Page Number:11
First Page:1420
Last Page:1430
DDC classes:330 Wirtschaft
Open Access?:Ja
Licence (German):License Logo  Creative Commons - CC BY - Namensnennung 4.0 International