Vipul Mathur - Academia.edu (original) (raw)
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In this paper the New Keynesian model is modified in order to include an explicit transaction tec... more In this paper the New Keynesian model is modified in order to include an explicit transaction technology. This technology integrates an endogenous foundation to money into the model. The resulting model is used to analyze the effects of shocks to the transaction technology. Additionally, a comparative analysis of monetary policy shocks for two version of the model distinguished by different total factor productivities in the transaction technology is conducted. Thus the impact of transaction cost variations on the monetary transmission mechanism is studied. Specifically, the model analyzes changes in the relative contribution of different transmission channels to the overall transmission process due to the mention variations in transaction costs.. I would like to thank Joseph Zeira for his most helpful comments and critiques as well as the Hebrew University of Jerusalem for its generous hospitality.
In this paper the New Keynesian model is modified in order to include an explicit transaction tec... more In this paper the New Keynesian model is modified in order to include an explicit transaction technology. This technology integrates an endogenous foundation to money into the model. The resulting model is used to analyze the effects of shocks to the transaction technology. Additionally, a comparative analysis of monetary policy shocks for two version of the model distinguished by different total factor productivities in the transaction technology is conducted. Thus the impact of transaction cost variations on the monetary transmission mechanism is studied. Specifically, the model analyzes changes in the relative contribution of different transmission channels to the overall transmission process due to the mention variations in transaction costs.. I would like to thank Joseph Zeira for his most helpful comments and critiques as well as the Hebrew University of Jerusalem for its generous hospitality.