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dc.contributor.authorXiao, Xen_NZ
dc.contributor.authorDong, Men_NZ
dc.date.accessioned2017-09-21T22:57:30Z
dc.date.available2017-09-21T22:57:30Z
dc.date.copyright2017-09-21en_NZ
dc.identifier.citationEconomic Working Paper Series. Retrieved from http://www.aut.ac.nz/__data/assets/pdf_file/0008/754514/Economics-WP-2017-07.pdf
dc.identifier.urihttp://hdl.handle.net/10292/10819
dc.description.abstractWe 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 on bonds. The lower return has a direct negative impact on consumption by households that hold bonds, and an indirect negative impact on consumption by households that hold money. As a result, Örms earn less proÖts from production, which leads to higher unemployment. The existence of such a consumption channel can help us understand the e§ects of unconventional monetary policy.
dc.publisherAUT School of Economics, AUT University
dc.relation.ispartofseriesSchool of Economics Working Paper Seriesen_NZ
dc.relation.urihttp://www.aut.ac.nz/__data/assets/pdf_file/0008/754514/Economics-WP-2017-07.pdfen_NZ
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dc.subjectInterest rate; Monetary policy; Consumption; unemployment
dc.titleLiquidity, Monetary Policy and Unemployment: A New Monetarist Approachen_NZ
dc.rights.accessrightsOpenAccessen_NZ
pubs.elements-id312409


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