Time-to-build, time-to-plan, habit-persistence, and the liquidity effect |
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Authors: | Rochelle M Edge |
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Institution: | Division of Research and Statistics, Federal Reserve Board, 20th and C Streets NW, Washington, DC 20551, USA |
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Abstract: | The inability of sticky-price monetary business cycle models to generate liquidity effects has been extensively documented by a number of authors. This paper develops a sticky-price monetary business cycle model with investment gestation lags and habit-persistence in consumption that is capable of generating an empirically plausible liquidity effect. |
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Keywords: | E10 E21 E22 E43 |
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