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Cyclical Risk Aversion, Precautionary Saving, and Monetary Policy
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Material Type |
Article
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Author(s) |
PAOLI, BIANCA DE (Author)
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Source Journal Info. |
Title:
Journal of Money, Credit, and Banking
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Volume/ Issue No.: 2013/FEB V.45 N.1
Call No.:332.05 JMC Location: Periodicals & References Hall - 2nd floor
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Physical Description |
p 1-36
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Subject Area/ Descriptors |
Economics
(9033)
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Abstract |
This paper analyzes the conduct of monetary policy in an environment in which cyclical swings in risk appetite affect households’ propensity to save. It uses a New Keynesian model featuring external habit formation to show that taking note of precautionary saving motives justifies an accommodative policy bias in the face of persistent, adverse disturbances....
Full Abstract
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Journal:
Journal of Money, Credit, and Banking
(532)
Issu: 2013/FEB V.45 N.1
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