Browsing by Author "Xiao, X"
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Liquidity, Monetary Policy and Unemployment: A New Monetarist Approach
Xiao, X; Dong, M (AUT School of Economics, AUT University, 2017)We discover a consumption channel of monetary policy in a model with money and government bonds. When the central bank withdraws government bonds (short-term or long-term) through open market operations, it lowers returns ...